Las Vegas is Trending Toward a Buyer's Market
Overall, this October demonstrated a nice recovery from the slower months in late summer. One big change is apparent; there are definite signs that the Las Vegas real estate scene is trending toward a Buyer's Market. This is pretty big news, considering the lengthy Seller's Market that has sustained itself for the past year.
Here are some of the indicators that the market is tilting slightly more favorably toward buyers:
- Months supply of inventory has been on the rise each month, and up 21.7% from October 2017
- An increase in new listings
- Number of closed sales decreased -18% since the spring
- The number of days on market is on the rise, 32 in October and as low as 25 last July