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Here’s a look at the Las Vegas Real Estate Market for October 2018. According to a report released by the Greater Las Vegas Association of REALTORS® (GLVAR), the percentage of homes sold in 30 days or less increased to 70.1 percent this month when compared to this same time last year. Let’s take a closer look at the Las Vegas market trends.
A Look at Housing Stats
October began with a total of 3,005 condominiums, townhomes, and single family homes sold. This number shows a drop from the 3,881 last month. The median price range of single-family homes that sold in Las Vegas during the month of September was $300,000. This amount shows an increase of 1.7 percent from last month and 13.2 percent from September 2017. The average sale price for this month is $342,081. This amount is down 2.1 percent from last month but shows a 10.7 percent increase from this time last year.
A Look at the Condo Market
The median price for a townhome or condo in Las Vegas for September was $170,000, which shows a slight increase from the $169,950 of last month. The current median price range shows an increase of 21.4 percent from this time last year. The average sale price for condos in Las Vegas this month is $183,049. This amount is up 1 percent from last month and shows an increase of 16.9 percent from this time last year.
What Does this Data Mean?
At the end of the month, there were 6,148 single-family homes listed with no offer. That shows an increase of 23.7 percent from this time last year. At the end of September, there were 1,356 condo properties on the market without an offer. The current number of unsold condos shows an increase of 99.4 percent from September of 2017.
There’s a 2.5-months supply of single-family homes inventory on the market. While this number is up 48 percent from last year, in order for the market to be considered balanced, there needs to be a 6 month supply of inventory. When it comes to condos in Las Vegas, there is a 2.4-months supply of inventory available on the market. This number is up an impressive 130.3 percent from last year.
What does this mean if you’re buying a house in Las Vegas?
The Las Vegas real estate market is showing its strength as we move into the final quarter of the year. If you’re in the market for a condo or high rise home, you’ll find that the interest in this area is steadily increasing. There were 3,728 new listings added to the market when it comes to single-family homes in Las Vegas. This number is down 13.3 percent from last month but is showing an increase of 14.1 percent from last year. There were 905 new condo listings added to the market. This number is up 23.5 percent from September 2017.
This is the perfect time to sign up and receive e-mail notifications that alert you when a new home is listed in Las Vegas. These email alerts give you an advantage over other home buyers who aren’t being updated.
What does this mean if you’re selling a house in Las Vegas?
To place yourself in the best position for meeting your home selling goals, you’ll want to make sure your property is in selling condition and that you price your home competitively. A good place to begin is finding out how much your home is worth. Check the home valuation calculator to get an instant estimate and then contact us for a comprehensive report. We’ll also work closely with you to create a marketing plan to get your listing in front of potential buyers.
The percentage of single-family homes that sold within 30-days for the month of September was 70.1 percent. This number is up from the 68.3 percent from last year. The percentage of condos that sold within 30-days for the month of September is 75.2 percent. That percentage is down slightly from the 79.8 percent that sold that quickly in September of 2017.
Las Vegas Homes for Sale
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