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Las Vegas Home Price Trends

By
Real Estate Agent with Keller Williams Realty Las Vegas

Hello from Las Vegas! Reporting to you on our market condition as of November 2008.  We will have December data by the 10th of the following month. Here is the latest trend in housing development.  

*Number of homes sold in November decreased for the first time this year by 22% to 2,183 from 2,718

*Medium home price reduced by 2% to $186,000

*Average home price increased by 2% to $232,267

*Home prices will drop slightly below the 4% trend line then adjust accordingly as it has historically

*90% homes listed are rented, 7% increase from 2007 and 2006, 14% increase from 2005. Medium rental income is $1,250.  

Number of Homes Sold  

  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
2004 2,217 2,431 3,460 3,267 3,204 3,552 3,397 3,192 2,922 2,604 2,492 2,522 35,260
2005 1,985 2,038 3,127 2,957 3,096 3,318 3,240 3,331 2,985 2,574 2,441 2,437 33,529
2006 1,778 1,787 2,521 2,266 2,556 2,510 1,996 2,097 1,739 1,689 1,547 1,644 24,130
2007 1,397 1,407 1,605 1,381 1,568 1,476 1,318 1,316 990 974 968 879 15,279
2008 983 1,098 1,478 1,794 2,026 2,226 2,592 2,545 2,783 2,718 2,183   22,426

  Medium Home Prices Sold  

SFR Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Medium Price
2004 $205,200 $220,000 $236,000 $252,500 $266,000 $280,000 $280,000 $280,000 $280,000 $284,000 $275,000 $275,000 $275,000
2005 $285,000 $286,000 $295,000 $297,000 $300,000 $300,000 $306,950 $309,000 $310,000 $308,000 $310,000 $312,500 $303,475
2006 $310,000 $309,000 $314,950 $310,000 $310,000 $315,000 $310,000 $312,000 $310,000 $310,000 $308,000 $306,100 $310,000
2007 $302,000 $310,000 $305,000 $305,000 $301,352 $305,000 $295,000 $299,900 $285,750 $274,725 $273,500 $260,000 $300,626
2008 $249,900 $246,500 $243,169 $235,875 $236,692 $225,000 $220,000 $210,000 $195,000 $190,000 $186,000   $225,000

  Average Home Prices Sold  

Single Family Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Average Price
2004 $255,399 $261,398 $280,534 $294,488 $316,733 $317,269 $319,495 $321,472 $317,700 $326,761 $318,454 $321,769 $304,289
2005 $328,535 $334,732 $354,313 $341,450 $352,234 $356,637 $357,599 $369,285 $359,967 $362,839 $373,434 $378,651 $355,806
2006 $382,518 $378,169 $379,935 $365,434 $373,761 $385,340 $373,173 $369,607 $377,959 $369,179 $379,108 $373,520 $375,642
2007 $372,046 $381,676 $376,846 $389,626 $398,258 $428,817 $377,861 $382,671 $352,137 $374,625 $353,413 $319,055 $375,586
2008 $307,739 $297,597 $305,155 $284,299 $284,744 $268,626 $254,521 $249,828 $230,685 $225,505 $232,267   $267,361

 

  Residential Rental
  # Listed # Leased
2005 3,658 2,787          76%
2006 16,496 13,670        83%
2007 20,163 16,716        83%
2008 19,342 17,358        90%

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