Reports from the Greater Las Vegas Realtor’s Association indicates that the market remains mostly healthy.
It’s somewhat of a surprise that the volume of sales went up for February, considering that inventory remains very low. This tends to push prices but low number of sales.
What this suggests is that maybe our inventory isn’t that much of a problem, after all.
Last month saw a total of 2,815 homes sell. That number includes single-family residences, condos, and townhomes.
Things aren’t looking up for the first-time buyer. Unfortunately, a Median price for an existing home has climbed a bit, where it now sits at $240,000. That’s almost a 9 percent increase from this time last year.
Last month saw a total of 2,815 homes sell
For current homeowners, this is great news. It’s also good news for the greater Las Vegas real estate market, as things have improved notably in the last five years.
Toward the peak of the recession, single-family homes hovered around a value of $121,000.
This was the largest contributor to our community’s decrease in economic vitality. As home values went down and mortgages adjusted upward, people became trapped in an unstable financial situation.
Many maintain that while prices are remaining accessible, the short inventory will eventually catch up with us.
Typically, a six-month supply is what real estate agents consider a healthy market. The latest reports say the Las Vegas real estate market has only three months of homes for sale.
Las Vegas remains one of the western United States’ most affordable markets.
When you consider the lifestyle benefits of living in Las Vegas and ease of access from all other points in the country, it’s an easy win when compared to places with $1 million+ median home prices, which is now a very unfortunate norm.
Las Vegas continues to be on its way. Century 21, the world’s most recognized real estate brand, wouldn’t have approached our offices about a partnership if that wasn’t the case. This isn’t a company that enters markets without potential.
And we aim to capitalize on every bit of it.