Las Vegas Real Estate Trends and Area Housing Market Report, September 2015
The medium price for Single Family Homes for August 2015 was $220,000 up 0.9 percent from July 2015 and up 10.0 percent for August 2014. Sales volume for Single Family Homes was 2,855 down 10.2 percent from July 2015 sales volume of 3,180 but, up 11.2% from 2,567 from a year ago.
The total number of Single Family Homes Listed for sale on GLVAR’s (Greater Las Vegas Association of Realtors) Multiple Listing Service (MLS) for August 2015 was 13,608 down 1.0 percent from August of last year. The effective months of inventory was 2.8 months up 17.6 percent from July 2015 which was 2.4 months. A six month supply of homes would be considered a balanced market.
The medium price for Condominiums and Townhomes for August 2015 was $110,000 down 4.3 percent from July 2015 medium price of $115,000 but, up 4.8 percent from August 2014 which was $105,000. Sales volume for Condo/Townhomes for August 2015 was 599 down 5.7 percent from July 2015 of 635 but, up 8.3 percent from a year ago which was 553.
The total number of Condo/Townhomes Listed for sale for was 3,459 down 4.5 percent from a year ago. The effective months of inventory was 3.9 months up 6.0 percent from July 2015 which was 3.7 months and down 10.8 percent from a year ago which was 4.3 months.
“We’re seeing double-digit increases for both the median price and the number of single-family homes being sold here in Southern Nevada,” said 2015 GLVAR President Keith Lynam, a longtime local REALTOR®. “At this point, we’re well ahead of last year’s sales pace, which is good news for local homeowners and the housing market. It remains a fairly balanced real estate market, which is solid news for both buyers and sellers.”
Distressed home sale – Short Sales for August 2015 was 6.2 percent of sales that’s down from 11.5 percent from last August of last year. Bank owned home sales were 7.0 percent of sales that’s down from 8.9 percent from a year ago.
Cash sales were 28.2 percent of all sales for July 2015, that’s down from 32.1 percent from a year ago. Suggesting that cash buyers and investor are becoming less influential in each passing month for our market.
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, and call me if you would like to know more about selling your house TODAY! (702) 326-7473 or visit our website.