Las Vegas Real Estate Trends and Area Housing Market Report, November 2015
Association of Realtors (GLVAR) statistics released this month has shown that, for the year 2015 the Real Estate Market for the Las Vegas Area has shown that it is stable in nearly every area.
The medium price for Single Family Homes for October 2015 was $220,000 unchanged from last month, and the same for August 2015 of $220,000. The annual increase in price from last year is impressive, it up 10.1 percent from October 2014 which was $199,900. Sales volume for Single Family Homes was 2,438 down 10.4 percent from September 2015 sales volume of 2,721 but, up from October 2014.
In regards to the medium price for Single Family Homes for October 2015 of $220,000, the President of GLVAR, Keith Lynam a longtime local REALTOR® said, “If that price sounds familiar, it’s not your imagination,” said GLVAR “That’s the same median home price we reported in August and the same price we reported in September. You can’t get much more stable than that.”
The total number of Single Family Homes Listed for sale on GLVAR’s (Greater Las Vegas Association of Realtors) Multiple Listing Service (MLS) for October 2015 was 13,524 down 6.3 percent from October of last year. The effective months of inventory for October was 3.4 months up 13.2 percent from September 2015 which was 3.0 months and down 11.3 months from a year ago which was 3.8 months. A six month supply of homes would be considered a balanced market.
Effective months of inventory. The medium price for Condominiums and Townhomes for October 2015 was $105,000 down 11.8 percent from September 2015 medium price of $110,000 but, up 6.1 percent from October 2014 which was $99,000. Sales volume for Condo/Townhomes for October 2015 was 582 up 3.2 percent from September 2015 of 564 and up 9.2 percent from a year ago which was 533.
The total number of Condo/Townhomes Listed for sale for October 2015 was 3,385 down 7.3 percent from a year ago. The effective months of inventory for October 2015 was 4.0 months down 3.0 percent from September 2015 which was 4.1 months and down 16.8 percent from a year ago which was 4.8 months.
Distressed home sale – Short Sales for October 2015 was 6.7 percent of sales that’s down from 10.6percent from last October of last year. Bank Owned home sales for October 2015 was 7.5 percent of sales that’s down from 8.9 percent from a year ago.
Cash sales were 30.9 percent of all sales for October 2015, that’s down from 35.1 percent from a year ago. Suggesting that cash buyers and investor are becoming less influential in each passing month for our market.
On a side note Nevada’s jobless rate declined to 6.3 percent in October 2015 and with more people working the demand for homes will increase.
The market is HOT and now is the time to sell! I will help you find serious buyers in this market. Find out what your Home is worth now, and call me if you would like to know more about selling your house TODAY! (702) 763-1117 or visit our website.