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 are housing market bounced back for the month of March 2015 with sales of both Single Family Homes and Condo/Townhouses up 30 percent plus from February 2015.
The medium price for Single Family Homes for March 2015 for the Las Vegas area remained the same at $205,000 from February 2015. Compared to a year ago we are up 5.1 percent, with the medium price for Single Family Homes for March of 2014 was $195,000. Sales volume was 2,707 up 37.8 percent from February sales volume of 1,965 and up 6.7 percent for March 2014.
The total number of Single Family Homes listed for sale on GLVAR’S Multiple Listing Service (MLS) was 13,532 up 2.6 percent from 13,188 in February but down 3.0 percent from a year ago. The effective inventory fell to 2.7 months, down from 3.7 months in February, a six month supply of homes is considered a balanced market.
The medium price for Condominiums and Townhouses for the Las Vegas area was $115,000 up 9.5 percent from February 2015 which was $105,000 and up 13.9 percent compared to a year ago which was $100,953. Sales volume was 651 up 33.7 percent from February 2015 sales volume of 487 and up 17.1 percent from March of 2014 which was 556.
The total number sales of Condo/Townhouses listed for sale on our MLS for March 2014 was3,615, up 1.5 percent from 3,558 in February, but dwon 2,4 percent from a year ago. The effective inventory fell to 3.8 months, down from 5.0 months for February.
So, with this “early” spike in home sales for the Las Vegas area things are looking good for the rest of Spring and Summer. Although, one month doesn’t make a trend. But, hopefully it will continue.
According to GLVAR 32.4 percent of sales were cash sales for March 2014. That’s down from 37.4 percent in February 2015 and from 43.1 percent from March 2014.
Distressed sales. – Short sale for March 2014 was 8.3 percent, that’s down from 9.3 percent in February and 12.9 percent from a year ago. Bank owed homes were 9.7 percent of sales, down from 11.7 percent last wear
Overall this adds another month to our continuing recovery for the real estate market in the Las Vegas Area.
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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