Las Vegas Real Estate Trends and Area Housing Market Report, May 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 growth with the total number of sales of Single Family Homes and Condo/Townhomes increasing to 3,379 for April up from 3,358 in March and up from 3,215 a year ago. Like last month we saw an increase in sales from last year.
April’s medium price of Single Family Homes for the Las Vegas area was $212,568 up 3.7 percent from $205,000 for March and up 10.7 percent from April of last year which was $192,000. Sale volume was 2,753 up 1.7 percent from 2,707 for March and up 5.3 percent from April of last year.
The total number of Single Family Homes listed for sale in the Greater Las Vegas Association of Realtors (GLVAR) Multiple Listing Service was 13,750 up 1.6 percent from 13,532 In March but, down 0.6 from a year ago.
The medium price for Condominiums and Townhomes for April was $115,000 unchanged from March, which was $115,000 and up 15% from April of last year which was $100,000.
The total number of Condominiums and Townhomes listed for sale was 3,626 up 0.4 percent in March from 3,613 but, down 1.9 percent from last year.
“Over all, it’s shaping up to be a good Spring for our local housing market” Keith Lyman said, he is the GLVAR’s President for 2015. The Las Vegas area has less than a three month supply of homes to sell, a six month supply of home would be considered a balanced market.
Distressed home sales – Short Sales for April 2015 was 7.2 percent of all home sales that’s down from 8.3 percent from March and down 12.4 percent from April of last year. Bank owned homes was 8.3 percent of sales, down from 9.3 percent in March and down from 11.4 percent from last April.
GLVAR said that 30.4 percent of all home sales sold in April were cash sales which is down from 32.4 percent from last year, which suggest that there are less investors in the Las Vegas area housing market.
This adds another month to our continuing recovery for the real estate market in the Las Vegas area and is showing signs of stability.
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.