The first half of 2018 was a bit of a head scratcher for Las Vegas real estate. Sales were sluggish at first, then suddenly, no one could keep up. Prices increased considerably, properties started selling in record time, but as with previous months, inventory remained low. Sellers are either cautious, content to wait, or both. I'm not sure why, because this is a seller's market one could only wish for.
Las Vegas Market Stats Up to June 2018
Selling almost as soon as they're listed, single-family homes are sitting on the market for an average of 25 days, 28.6% less compared to the same time in 2017.
Although the number of new listings are up, the number of closed sales are down (-11%), probably due to the need for inventory. June had only 1.7 months supply on hand.
Average sales prices continue to climb, increasing by 14.8% since June 2017.
The Las Vegas townhouse and condo market is hot right now. New Listings are up 23.3%, Pending Sales are up 34.3% and sales up 5.6%.
The number of days on market has decreased to 24, with sellers getting an average of 99% of the asking price.
Average Sales prices have increased a whopping 26.4%, from $137,353 in 2017 to $173,636 in 2018.
Inventory is low as well, with only a 1.5 month supply of condos and townhomes on hand.
Get the Inside Scoop on the Las Vegas Market
Top Selling Neighborhoods for 2018 - What's selling where, for how much.
Top Selling 55+ Communities in Las Vegas - Listings for homes and condos in 55+ communities in Las Vegas are pretty much flying off the shelves. Learn where the top selling active adult neighborhoods are.
Don't hesitate to contact Leslie for more information about the Las Vegas market, or new construction opportunities in the city.
By Leslie Hoke
Las Vegas Homes By Leslie
8010 W Sahara Ave #150, Las Vegas, NV 89117
Direct: (702) 321-1763 Fax: (702) 224-2146