Las Vegas Real Estate Trends and Area Housing Market Report, October 2015
The medium price for Single Family Homes for September 2015 was $220,000 unchanged from last month, August 2015 of $220,000 and up 8.6 percent from September 2014 which was $202,500. Sales volume for Single Family Homes was 2,721 down 4.7 percent from August 2015 sales volume of 2,855 but, up 14.3 percent from September 2014 which was 2,380.
The total number of Single Family Homes Listed for sale on GLVAR’s (Greater Las Vegas Association of Realtors) Multiple Listing Service (MLS) for September 2015 was 13,389 down 3.4 percent from September of last year. The effective months of inventory was 3.0 months up 5.9 percent from August 2015 which was 2.8 months. A six month supply of homes would be considered a balanced market.
The medium price for Condominiums and Townhomes for September 2015 was $119,000 up 8.2 percent from August 2015 medium price of $110,000 and up 14.1 percent from September 2014 which was $104,250. Sales volume for Condo/Townhomes for September 2015 was 564 down 5.8 percent from August 2015 of 599 and down 6.3 percent from a year ago which was 602.
The total number of Condo/Townhomes Listed for sale for September 2015 was 3,438 down 2.4 percent from a year ago. The effective months of inventory for September 2015 was 4.1 months up 5.8 percent from August 2015 which was 3.9 months and up 2.0 percent from a year ago which was 4.0 months.
GLVAR President Keith Lynam, a longtime local REALTOR®, said the 2015 trend toward increasingly stable home prices and gradually increasing home sales is a healthy one for homeowners. “Our local housing statistics have become pretty predictable this year and more stable than they’ve been in several years,” Lynam said. “And stable and predictable are good things for homeowners and for the local housing market. It’s certainly preferable to the real estate roller coaster ride we experienced over the past decade.”
Distressed home sale – Short Sales for September 2015 was 6.8 percent of sales that’s down from 10.4 percent from last September of last year. Bank Owned home sales for September 2015 was 7.1 percent of sales that’s down from 8.8 percent from a year ago.
Cash sales were 26.8 percent of all sales for September 2015, that’s down from 34.3 percent from a year ago. Suggesting that cash buyers and investor are becoming less influential in each passing month for our market.
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