As the Las Vegas real estate market place continues to seek equilibrium, savvy real estate investors and home buyers can take advantage of dips and decreases in prices. As a real estate professional with well over a decade in the Las Vegas real estate market, I’ve always relied on utilizing data to help my clients make smart choices. And during my time working for the Disney Corporation in the Consumer Products Division, I constantly leveraged data to help make smart business choices. I guess you can say statistics is in my DNA.
Real estate is very local. Trends vary from city to city and region to region. For October, 2014, the median price of single-family homes selling through the Multiple Listing Service dipped 1.3% to $199,900. The previous median price was $202,500 for the month of September.
So as you can see, tracking statistics closely, means I can help my clients find the best bargains and guide them by making data-driven decisions – which isn’t always the case when it comes to realtors. Folks looking for a single family home or condominium can have more leverage when negotiating when they know the current statistical landscape of the given real estate market they are searching in.
Real Estate Prices Cooling
It’s quite common for prices to oscillate heading into the cooler winter months in Las Vegas. The upcoming holidays also shifts people’s focus to planning for guests, family, and celebrations. Even though prices have dipped over one percent during the last 30 days, the median price of single-family homes sold is still up over eight percent, which means sellers are still getting more money for their listings than this time last year.
In addition, inventory is up over four percent resulting in home buyers having more properties to choose from. Lower prices and more selection – it’s a win-win situation for those in the know.
Buying Condo or Townhome: Right Time?
For individuals and families looking for townhomes and condominiums, those prices have decreased significantly over the last thirty days. In fact, the median selling price of a Las Vegas condo or townhome for the month of October was $99,000 – a drop of five percent over the last thirty days. So a condo that sold for $100,000 in September could be purchased for $95,000 – a substantial savings of $5,000.
Homes are also moving fairly quickly. 45.5% of homes listed through the Multiple Listing Service (MLS) are sold between 0-30 days and a 64.6% of homes listed are sold within 60 days. This bodes well for sellers who are hoping to sell home in Las Vegas quickly.
With such competition out there among various properties, knowing advanced metrics and analytics can make the difference between a good deal, great deal, or no deal at all.
The real estate market in Las Vegas is as unique and entertaining as the city itself. There’s nothing like it. Over the year’s I’ve learned the one thing that remains constant in Las Vegas real estate is change. But despite the constantly changing landscape – especially the last few years – smart real estate professionals, buyers, and sellers, can use the data to their advantage.
For more information or questions about buying or selling your home please don’t hesitate to contact me by visiting our Las Vegas Real Estate Website or calling me at 702.321.1763.
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
Premier Realty Group