Las Vegas Real Estate Trends and Area Housing Market Report, June 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.
May 2015 home sales as compared to April 2015 were flat to down. The Single Family Homes sales were flat and the medium price were down less than one percent as compared to April 2015.
May’s medium price for Single Family Homes for the Las Vegas area was $211,250 down 0.6 percent from April’s medium price of $212,568. But, up 8.3 percent from a year ago. Sales volume was 2,752 for May just one less than 2,753 for April and down 2.6 percent from a year ago which was 2,825.
The total number of Single Family Homes for sale in the Greater Las Vegas Association of Realtors (GLVAR) Multiple Listing Service in May was 13,569 down 0.5 percent from a year ago.
The effective months of inventory decreased to 2.6 months where a six month supply would be considered a balanced market.
The Medium price for Condominiums and Townhomes for May 2015 was $112,000 down 2.6 percent from April 2015 of $115,000, but up 9.8 percent from a year ago which was $102,000.
The total number of Condo/townhomes for May 2015 was 611 down 2.4 percent from April’s 2015 number of 626 and down 2.2 percent number of 625 from a year ago.
The effective months of inventory declined 4.7 percent to 3.7 months, where a six month supply would be considered a balanced market.
“Overall, home prices have been stable this year, and demand is steady in our housing market,” said 2015 GLVAR President Keith Lynam.
Distressed home sales – Short Sales for May was 7.3 percent of all sales, that’s down from 7.9 percent from a year ago. Bank Owned homes was 8.0 percent down from 9.1 percent from a year ago.
GLVAR said that 29.1 percent of all sales in May were cash purchases , that’s down from 40.2 percent from a year ago and 29.1 percent is well down from our peak of February’s 2013 of 59.5 percent of sales. Suggesting that there are less investors in the home buying market.
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