Las Vegas has started 2018 housing market with the same zeal as 2017 with home prices rising again in February. The sales slowed down a bit due to low home inventory supply according a report from the Greater Las Vegas Association of Realtors (GLVAR).
The report said that the median price for existing homes in Southern Nevada was up 3.8 percent to $275,000 in February from the month before and up 14.6 percent from February 2017.
February 2018 saw 2,704 existing homes sold – that is down from a year before by 5.4 percent, however townhome and condo sales were up by 1.8 percent. At this time Southern Nevada has less than a two-month supply of existing homes for sale. A six month supply is considered a balanced market.
GLVAR also reported that 32.4 percent of all the homes sold in February were cash purchases. This is a lower percentage from the peak of cash buyers in 2013. Also sales of distressed home (short sales and foreclosures) is down – accounting for 3.8 percent of the homes sold.
Bottom Line – 79.8 percent of existing homes are being sold within 60 days from the listing date and 76.5 percent of townhomes and condo sold within 60 days.
Keep in mind that whether you are interested in buying a home or selling a home, a Realtor should represent you– this person is working for your benefit and will help you navigate through the buying or selling process. I have thirteen years in New Home Sales and fifteen years in General Real Estate sales!
Thanks and make it a terrific day…………Robin