Hereā€™s a look at the Las Vegas Real Estate Market for October 2018.Ā According to a report released by the GreaterĀ LasĀ Vegas Association of REALTORSĀ®Ā (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. Letā€™s take a closer look at the Las Vegas market trends.

This Month in Real Estate [VIDEO]


A Look at Housing Stats

real estate market concept with graph on table and small houses sitting on graphOctober began with a total of 3,005Ā condominiums,Ā townhomes, andĀ 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 aĀ townhomeĀ orĀ condo in Las VegasĀ for September was $170,000, which shows a slight increase from the $169,950 of last month.Ā 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.Ā 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.

Thereā€™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?

concept of two men talking over coffee about buying a Las Vegas houseThe 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 toĀ sign up and receive e-mail notificationsĀ that alert you when a new home is listed in Las Vegas. These email alertsĀ give you an advantage over other home buyers who arenā€™t being updated.

What does this mean if you’re selling a house in Las Vegas?

ToĀ place yourself in the best position for meeting your home selling goals, you’ll want to make sure yourĀ property is in selling conditionĀ and that youĀ price your home competitively. A good place to begin is finding out how much your home is worth. Check theĀ home valuation calculatorĀ to get an instant estimate and thenĀ contact usĀ for a comprehensive report. Weā€™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

Wondering what your home might be worth?Ā Find out instantly with our 15-second home value calculator.

See Additional Reports on the Las Vegas Real Estate Market

Here are the most recent home listings just added to the database in the average sale price range for Las Vegas. All homes here are priced at $300,000 or less.

Las Vegas Condos for Sale

Here are the most recent condo listings just added to the database in the average sale price range for Las Vegas. All condos here are priced at $170,000 or less.

Summary
Las Vegas Real Estate Market Report - October 2018
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Las Vegas Real Estate Market Report - October 2018
Description
Current real estate market statistics for Las Vegas, NV. The median sale price this month is $300,000. The median sale price for condos is $170,000.
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Lori Ballen Team
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