Las Vegas Real Estate Trends and Area Housing Market Report, May 2016
For the past eight months now, the medium price for Single Family Homes has been around $220,000.
“I can’t remember a time when our housing market was so stable for so long. As local home prices stay so consistent month after month, we’re now seeing smaller gains when compared to the same time last year,” said 2016 GLVAR (Greater Las Vegas Association of Realtors) President Scott Beaudry, a longtime local REALTOR®. “At the same time, our local housing supply is still very tight, but at least it didn’t get any tighter.”
The medium price for Single Family Homes for April 2016 was $220,600 up slightly 0.3 percent from March 2016 medium price of of $220,000 and up 3.8 percent from April 2015, which was $212,568,000. Sales increased for April 2016, the sales volume for Single Family Homes for April was 2,818, up 1.3 percent from March 2016 sales volume of 2,783 and up 2.4 percent from April 2015 sales volume of 2,753.
GLVAR reported that for so far this year of 2016, local home sale are ahead of pace from 2015 which had a combined total sales of 38,578 single-family homes, condos and townhomes sales.
The total number of Single Family Homes Listed for sale on GLVAR’s (Greater Las Vegas Association of Realtors) Multiple Listing Service (MLS) for April 2016 was 13,799 up 0.4 percent from April of last year.
The effective months of inventory for April 2016 was 2.6 months unchanged from March 2016 which was 2.6 months and down 2.7 percent months from a year ago which was 2.7 months. A six month supply of homes would be considered a balanced market. So, we are still in a sellers market.
Effective months of inventory.
The medium price for Condominiums and Townhomes for April 2016 was $119,900 up 1.6 percent from March 2016 medium price of $118,000 and up 4.3 percent from April 2015 which was $115,000. Sales volume for Condo/Townhomes for April 2016 was 700 down 0.7 percent from March 2016 of 705 and up 11.8 percent from a year ago which was 626.
The total number of Condo/Townhomes Listed for sale for April 2016 was 3,581 down 1.2 percent from a year ago. The effective months of inventory for April 2016 was 3.2 months down 2.5 percent from March 2016 which was 3.3 months and down 18.1 percent from a year ago which was 3.9 months.
Distressed home sale – Short Sales for April 2016 was 4.5 percent of sales that’s down from 7.2 percent from April of last year. Bank Owned home sales for April 2016 was 7.1 percent of sales that’s down from 8.3 percent from a year ago.
Short Sales may still be attractive option for homeowners, because Congress again voted in late December to extend the Mortgage Forgiveness Debt Relief Act of 2007, of which the National Association of Realtors advocated.
Cash sales were 28.1 percent of all sales for April 2016, that’s down from 30.4 percent from a year ago. Suggesting that cash buyers and investors are still active in the Las Vegas area market but, becoming less influential.
April 2016 GLVAR Housing Statistics
April 2016 GLVAR Housing Video
New-Home Sales “Las Vegas recorded its second strongest April new home sales closings since 2008 and last month’s prices hit their highest point in a decade, but valley experts said that shouldn’t be considered a surge in the housing market in Southern Nevada.”
The market is HOT and now is the time to sell! I will help you find serious buyers in this market. Find out what your Home is worth now, and call me if you would like to know more about selling your house TODAY! (702) 763-1117 or visit our website. Or, If you looking to Buy a Home in the Las Vegas Area. We will help you find a Home! Find Newly Built Home from a New Home Building Company. Or find a resale Home For Sale in the Las Vegas Area. We will help you find one The Watanabe & Weaver Team or call us at 702-763-1117.
| |||||||||||||||
|
|
||||||||||||||
 | |||||||||||||||
Comments (0)Subscribe to CommentsComment