Las Vegas Housing Market – Last 30 Days
Whether you are a first-time homebuyer, looking to purchase a new home, or looking to invest in real estate in the Las Vegas area, the market currently caters to buyers. The Las Vegas area real estate market is a proven indicator of the economy. The area that profited during the mortgage boom and went bust when real estate bottomed out in 2005, rebounded in a big way in 2014. Home sales across the country normally decline in November and December, with the holiday season. However, Las Vegas is proving that it can compete with Black Friday, Cyber Monday, and commercial holiday sales. The Las Vegas market is more stable than it’s been in the past five years.
Las Vegas housing market is presenting higher home values into the past 30 days. The Greater Las Vegas Association of Realtors reported that the break that is traditionally slow brought a small uptick in local house prices. The cost that is median single-family domiciles in the Las Vegas Valley reached $220,000 last month up from $199,900 this time last year.
Las Vegas Home Owners are still seeing annual appreciation, which is great. Right now, the market is steady.
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Prices have actually held up because the market is going domiciles that are higher-priced. The stability within the market is also helping, as foreclosures and product sales which are short up a smaller share of closings.
Latest report, GLVAR reported that the total number of existing homes sold in the Las Vegas Area (Henderson, North Las Vegas, Mesquite) in October was 3,020, which is up from 2,861 at this time last year. When we compare this to October 2014, 4.7% additional homes and 9.2% additional condos and townhomes were sold this October. We are ahead of pace.
GLVAR reported that 30.9% of all residential real estate sold in October were cash purposes. That’s a great decrease from 35.1 percent last year and almost half of the February 2013 peak which was 59.5%, suggesting that cash buyers and investors are still busy in the Southern Nevada Real Estate Market than in most other parts of the country, and that their affect on the Vegas housing market is waning.