Las Vegas Real Estate Trends and Area Housing Market Report for August 2016
“It was good to see that we sold more homes last month than we did during the previous month and year, even with this persistently tight inventory we’ve been dealing with this year,” said 2016 Greater Las Vegas Association of Realtors (GLVAR) President Scott Beaudry, a longtime local REALTOR®. “As for home prices, you’re starting to see a more normal rate of appreciation, where prices are going up more gradually, as opposed to the double-digit increases we’ve seen the last few years.
The medium price for Single Family Homes for August 2016 was $235,000 down slightly 0.4 percent from July 2016 medium price of $236,000 and up 6.8 percent from August 2015, which was $220,000. Sales increased for August 2016, the sales volume for Single Family Homes was 3,102 up 9.3 percent from July 2016 which was 2,837, and up 8.7 percent from August 2015 which was 2,865.
GLVAR reported that the total number of sales for existing single family homes and condos/townhomes for August was 3,789 up from 3,454 total sales in August 2015. The effective months of inventory for August 2016 was 2.4 months, down 5.4 percent from July 2016 which was 2.6 months and up 13.3 percent from a year ago which was 2.8 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 August 2016 was $115,000 the same as July 2016 medium price of $115,000 and up 4.5 percent from August 2015 which was $110,000. Sales volume for Condo/Townhomes for August 2016 was 687 up 12.6 percent from July 2016 of 610 and up 14.7 percent from a year ago which was 599.
The effective months of inventory for August 2016 was 1.8 months down 8.9 percent from July 2016 which was 2.0 months and down 53.2percent from a year ago which was 3.9 months.
Distressed home sale – Short Sales for August 2016 was 4.1 percent of sales that’s down from 6.2 percent from August of last year. Bank Owned home sales for August 2016 were 6.2 percent of sales that’s down from 7.0 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 25.8 percent of all sales for August 2016, compared to 28.2 percent from a year ago. Suggesting that cash buyers and investors are still active in the Las Vegas area market and becoming less influential.
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