Las Vegas Real Estate Stats for July 2017 - Prices Up, Inventory Down

This is a Great Time to Sell Your Las Vegas Home

An inventory shortage of homes for sale in Las Vegas means it’s a great time to sell your Las Vegas home or condo ­– if that’s something you’ve been thinking about recently.

With the Greater Las Vegas Association of Realtors (GLVAR) latest market report, for the month of July, listed inventory is down a whopping 45.2% from the same time last year, it’s certainly a seller’s market in Sin City right now.

With inventory levels at an ultra-low 1.9 months right now, the President of the GLVAR, David J. Tina, noted that a six-month supply is normally thought of as enough homes for a balanced real estate market, but added homes and condos in Las Vegas are really selling quickly, so the inventory that’s coming onto the market simply isn’t staying on for very long.

 “Our housing supply isn’t necessarily drying up,” Tina said in a statement. “People are still listing their homes for sale. We’re just selling so many homes at such a rapid rate.”

Indeed, right now it’s taking an average of only 33 days to sell a home or condo in Las Vegas. That’s down from the 41 days it was taking prior to the July stats coming in. 

In July 2016, there were 6,852 units single-family homes on the market. This past July there were only 3,754 homes for sale in Las Vegas.

The low inventory levels has help increase both the median sales price of single-family homes ($259,000) and average sales price ($305,418). In the Las Vegas area, they are up 10.9% and 11.1%, respectively, from July 2016.

Las Vegas Condos & Townhome Selling Quickly as Well

In terms of condo and townhome prices, they were up as well in July with a median sales price of $128,417. That’s up almost 20% from the same time last year.

Tina noted 2017 is shaping up to be one of the most active for the Las Vegas real estate market.

“In fact, at the rate we’re going, 2017 is on pace to be our best year for local home sales since at least 2012, and one our five best years ever,” said Tina.

Just like single-family homes, condos and townhomes in Las Vegas are selling fast, averaging just 31 days on the market.

A seller’s market can be tough for home buyers, particularly those looking to buy in the lower price ranges as those homes tend to move very quickly.

Tina said the key as a buyer is to be aggressive and act quickly. Also, any real estate agent will tell you to make sure you’re pre-approved for a mortgage before you start looking for a new home. That will ensure you can complete the home-buying transaction as quickly as possible.