Las Vegas Real Estate Trends and Area Housing Market Report, July 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.
June 2015 home sales pick up the pace as compared to May 2015, there was an 11.0 percent increase in sales volume.
June’s medium price for Single Family Homes for the Las Vegas Area was $220,000 up 4.1 percent from May’s medium price of $211,250 and up 10.1 percent from a year ago, which was $199,900. Sales volume of Single Family Homes for June was 3,056 up 11.0 percent from May 2015 and up 14.2 percent from June 2014 which was 2,675.
The total number of Single Family Homes Listed for sale on GLVAR’s (Greater Las Vegas Association of Realtors) Multiple Listing Service (MLS) for June was 13,740, down 0.7 percent from a year ago. The effective months of inventory decreased to 2.4 months down 6.2 percent from May 2015 of 2.6 months and down 8.7 from last year which was 2.7 months. A six month supply of homes would be considered a balanced market.
The medium price for Condominiums and Townhomes for June 2015 was $115,000 up 2.7 percent from May 2015 of $112,000 and up 5.5 percent from a year ago which was $109,000.
The total number of Condo/Townhomes sales for June was 637 up 4.3 percent from May’s 2015 number of 611 and up 6.3 percent from a year ago, which was 599.
The effective months of inventory for June 2015 stayed level at 3.7 months, with May’s which was also, 3.7 months and down 6.1 percent from a year ago which was 3.9 months.
“It’s good for our local homeowners when prices are appreciating at a healthy pace like this and more homes are selling,” said 2015 GLVAR President Keith Lynam, a longtime local REALTOR®.
Distressed home sales – Short Sales for June 2015 was 6.7 percent of all sales, down from 10.8 percent from a year ago. Bank-owned home sales was 7.6 percent of all sales down from 10.1 percent from last year.
GLVAR said that 28.4 percent of sales in June 2015 were cash purchases, that’s down from 29.1 percent from a year ago. Suggesting that investors are still a factor but, they are waning each passing month.
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