Las Vegas Real Estate Trends and Area Housing Market Report, February 2015
If you are interested in buying and/or selling Home in the Las Vegas area and want to know what is happening in the Las Vegas area market see below:
The Las Vegas area housing market median price for January 2015 has dipped slightly to $200,000 from $204,000 of December 2014 for Single Family Homes, an approximate 2.0 percent dip. But, still up 8.1 percent from $185,00 one year ago. Sales volume was 1,794 a 19.4 percent decrease from December 2014 of 2,225 and 13.2 percent less than January on 2014 sales volume of 2,067.
The median single-family home prices increased around 10 percent from 2014.
Months of effective Home Inventory was 4.1 months compared to 3.5 months for December 2014 and 17.8 percent increase.
So, prices are decreasing and inventory is growing for Single Family Homes.
The median price for Condominiums and Townhomes for January 2015 was $105,000 virtually the same as December 2014 of $$105,000. But up 10.1 percent from one year ago. Sales volume was 445 a 12.6 percent drop from December 2014 of 509. The effective inventory for Condos and Townhomes rose to 5.2 months compared to 4.5 months for December 2014 a 15.3 percent increase.
So, prices stayed the same and the inventory increased for condos and townhomes too.
In regard to distressed sales, 9.7 percent were short sales. That was down from 17% in January 2014. Bank-owned properties were 9.4 percent up from 8 percent in December, but down from 11 percent last year.
GLVAR said that 36 percent of homes sold were cash purchases, that is up from 34.1 percent in December 2014 but down from 46.8 last year.
If you are interested in buying and/or selling a home in the Las Vegas, North Las Vegas, Henderson and Unincorporated Clark County please call us at 702-763-1117 or visit our website: WatanabeWeaverTeam.com.
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