Las Vegas Real Estate Trends and Area Housing Market Report, March 2015
If you are interested in buying and/or selling a 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 continues to show that it is stabilizing with home prices remaining about 8 percent higher than last year.
The median price for Single Family Homes for the Las Vegas area was $205,000 for February 2015. up 2.5 percent from $200,000 in January, and up 7.9 percent from February 2014. Sales volume was 1,965 in February up 9.5 percent from 1,795 in January but, down 2.1 percent for a year ago of 2,008. The total number of resale Single Family Homes listed for sale in February increased to 13,188, up 4.1 percent from 12,666 in January but, down 3.2 percent from a year ago.
The number of Single Family Resale Homes listed for sale in February 2015 declined 0.9 percent to 7,313 and the effective inventory fell to 3.7 months, a six-month supply of home is considered a balanced market.
Keith Lynam President of the Greater Las Vegas Association of Realtors (GLVAR) 2015 said “We’re in a stable market, which is a good thing.” The median price increase for Single Family Homes for 2014 was around 10 percent, as compared to about 24 percent per year during both 2012 and 2013.
The median price for Condominiums and Townhomes for the Las Vegas area was $105,000 for February unchanged from January’s $105,000 , and up 2.1 percent from February 2014, which was $102,855. Sales volume was 487 in February up 9.4% from January’s 2015, 445 but, down 4.5 percent from February 2014 which were 510.
So, prices for Condominiums and Townhomes has remained flat from January to February.
GLVAR said that 37.4 per cent of all sales sold in February were cash purchases up from 36 percent in January, but down from 46.8 percent from January 2014 and well short of the peak of 59.5 percent of February 2013, suggesting that fewer investors are purchasing homes.
Distressed Sales – Short sales in February was 9.3 percent of sales, that’s down from 9.7 percent in January and from 14 percent from a year ago. Bank-owned home sales was 9.7 percent of February sales up from 9.4 percent in January, but down from 12 percent from a year ago.
Overall for the real estate market in the Las Vegas Area indicates that the housing market is continuing its recovery.
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. Thank you
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