Las Vegas Real Estate Trends and Area Housing Market Report, April 2016
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For the past seven months the medium price for Single Family Homes has been around $220,000.
“The local housing market continues to be as stable as it has been in many years,” said 2016 GLVAR (Greater Las Vegas Association of Realtors) President Scott Beaudry, a longtime local REALTOR®. “Local home prices have been hovering around $220,000 for months. On the other hand, we’re still dealing with a very tight housing supply. This tight inventory might be keeping prices up, but it makes it harder for buyers to find the right home for them.”
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Single Family Homes sales for March 2016 was 2,783 up 31.8 percent from February sale of 2,112 and up 2.8 percent from March 2015.
GLVAR reported that for so far this year of 2016, local home sale are ahead of pace from 2015 which had a combined total sales of 38,578 single-family homes, condos and townhomes sales.
The total number of Single Family Homes Listed for sale on GLVAR’s (Greater Las Vegas Association of Realtors) Multiple Listing Service (MLS) for March 2016 was 13,429 down 0.8 percent from March of last year.
The effective months of inventory for March 2016 was 2.6 months down 25.3 percent from February 2016 which was 3.5 months and down 3.3 percent months from a year ago which was 2.7 months. A six month supply of homes would be considered a balanced market. So, we are still in a sellers market.
The medium price for Condominiums and Townhomes for March 2016 was $118,000 down 2.9 percent from February 2016 medium price of $121,500 and up 2.6 percent from March 2015 which was $115,000. Sales volume for Condo/Townhomes for March 2016 was 705 up 25.0 percent from February 2016 of 564 and up 8.3 percent from a year ago which was 651.
The total number of Condo/Townhomes Listed for sale for March 2016 was 3,572 down 1.1 percent from a year ago. The effective months of inventory for March 2016 was 3.3 months down 18.7 percent from February 2016 which was 4.0 months and down 13.0 percent from a year ago which was 3.8 months.
Distressed home sale – Short Sales for March 2016 was 5.9 percent of sales that’s down from 8.3 percent from March of last year. Bank Owned home sales for March 2016 was 7.1 percent of sales that’s down from 9.3 percent from a year ago.
Short Sales may still be attractive option for homeowners, because Congress again voted in late December to extend the Mortgage Forgiveness Debt Relief Act of 2007, of which the National Association of Realtors advocated.
Cash sales were 27.7 percent of all sales for March 2016, that’s down from 32.4 percent from a year ago. Suggesting that cash buyers and investors are still active in the Las Vegas area market but, becoming less influential.
Las Vegas Valley jobless rate up, the rise in unemployment defies Statewide tends. The Las Vegas Valley’s jobless rate to 6.0 percent in the month, up from 5.6 in February, but down from 7.2 percent in March 2015.
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 Or, If you looking to Buy a Home in the Las Vegas Area. We will help you find a Home! Find Newly Built Home from a New Home Building Company. Or find a resale Home For Sale in the Las Vegas Area. We will help you find one The Watanabe & Weaver Team or call us at 702-763-1117.
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