Home Prices in Las Vegas, NV for June, 2014
Real estate market data for Las Vegas, NV. provided by
Las Vegas Home Prices
The numbers for June, 2014 have been released from the Greater Las Vegas Association of REALTORS (GLVAR) showing that local home prices are continuing to go up.
Average home selling prices in Las Vegas are up to $199,900, with an increase of 2.4% from May, 2014. That may seem significant because we saw a -1.5% month over month average in April, a +1.6% increase in May, and now a 2.4% gain for June.
However, the year over year numbers give us the real story, where the average increase is actually going down from 15% year over year gain to 14.2%. This shows that while prices are slowly going up, there are always cyclical gains in the summer months. We are not expecting this trend to change in the near future.
If you are considering
buying a home, you can still find deals on a house in Las Vegas, but you want to make sure that you have a real estate agent that understands the market. We are seeing many of our listings starting to sell within a few days of going on the market. Because of this, we advise our clients not to stay on the sidelines for too long.
The graph below shows that homes in Las Vegas, on average, are not selling for the asking price. Always ask for an agent to get a thorough market analysis before putting an offer on that Las Vegas home you want to purchase.
If you would like more detailed Market Insider reports for Las Vegas, they are always available at our website. The best part, is that you can dig down to the specific zip codes that you are most interested in.
With an inventory that is twice what it was a year ago, that suggests that homes are sitting on the market for longer. Currently in this area of Las Vegas, homes have a median time of 56 days on the market before they sell. This would suggest that buyers are in a great position to make an aggresive offer on a home. Sellers should make sure to price their home near the market value if they expect to get an offer from one of those interested buyers.
We are still seeing some homes with agressive pricing getting multiple offers. We don't expect home prices to go up quite as fast as they did in 2013. However, a lower inventory with many homes over-priced means that we expect slow gains to continue in the near future.
Las Vegas Real Estate Report Summary
The median LIST price in June, 2014 for single family homes in Las Vegas is $225,000. The list prices increased by 2.3% from the previous month.
The median SALE price in June, 2014 for single family homes is $199,900. The sale prices rose 2.4% from the previous month.
The percentage of homes purchased with cash dropped to 40.2% in May, 2014, from a high of 59.5% in February, 2013. This suggests fewer investor purchases.
Find Homes for Sale in Las Vegas, NV
Visit our website to search for homes in Las Vegas, or to be notified when Las Vegas homes come on the market.
To find out what your home is worth in the current market, email us or call 702-487-0000.
Written by Jimmy Chickey
Jimmy Chickey is a nationally recognized author, trainer and technology based real estate agent.
As a partner in the Jamie Cox Group at Keller Williams Realty Southwest in Las Vegas, he loves sharing
tips and ideas that have worked in his award winning real estate career.
Partner in The Jamie Cox Group
Serving the greater Las Vegas Valley, including Las Vegas, North Las Vegas, and Henderson.
Buyer Specialist 702-482-7799 Seller Specialist 702-487-0000
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