Here’s a look at the Las Vegas Real Estate Market for September 2018. According to a report released on September 7th by the Greater Las Vegas Association of REALTORS® (GLVAR), the current low inventory numbers should improve as we move into the end of the year and beginning of next year. Let’s take a closer look at the Las Vegas market trends.
A Look at Housing Stats
September began with a total of 3,881 condominiums, townhomes, and single family homes sold. This number shows a drop from the 3,955 last month. The median price range of houses that sold in Las Vegas during the month of August was $295,000, which is the same price that was recorded for May of this year. This amount shows an increase of 1.7 percent from last month and 13.5 percent from August 2017.
A Look at the Condo Market
The median price for a townhome or condo in Las Vegas for August was $169,950, which shows an increase from the $166,000 of last month. The current median price range shows an increase of 23.8 percent from this time last year. At the end of August, there were 1,182 properties on the market without an offer. The current number of unsold condos shows an increase of 73.4 percent from August of 2017.
What Does this Data Mean?
At the end of the month, there were 5,818 single-family homes listed with no offer. That shows a decrease of 12.8 percent from this time last year. There’s less than 2-months supply of inventory on the market. In order for the market to be considered balanced, there needs to be a 6 month supply of inventory.
There continue to be fewer distressed sales and short sales. Just 2.5 percent of all homes sales in Las Vegas were short sales or foreclosures in August. This number is down from the 6.1 percent from this time last year.
What does this mean if you’re buying a house in Las Vegas?
The Las Vegas real estate market has favored sellers for most of the year, but we’re seeing a move in the market that gives a favorable nod to buyers. Experts believe that we’ll continue to see inventory numbers increase as we move closer to the new year. 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.
Cash sales made up 24.8 percent of all sales in the area. This percentage shows a drop from last year’s 25.8 percent. Cash buyers are still showing that they are a force in the buyers market, but they aren’t as prominent as they were in 2013 when the number peaked at 59.5 percent.
What does this mean if you’re selling a house in Las Vegas?
With the current low inventory number of homes for sale in Las Vegas, your newly listed home has the potential to get valuable attention. The best things you can do are make sure your property is in selling condition and to 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 homes that sold within 60-days for the month of August was 87.5 percent. Last year, 3 percent of homes sold that quickly. The percentage of condos that sold within 60-days for the month of August is 90.2 percent. That percentage is up from the 90.4 percent that sold that quickly in August of 2017.
Las Vegas Homes for Sale
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