After a hot, quiet summer, September and October real estate sales in Las Vegas are through the roof! A continuing trend of low housing inventory levels means it’s a great time to sell your Las Vegas home.
According to the Greater Las Vegas Association of Realtors (GLVAR) monthly report for September, there are only 1.8 months’ worth of inventory on single-family homes. Real estate agents accept that a six-month supply is deemed a normal volume for a balanced real estate market, so this is a seller’s market right now.
For this past September, there were 45% fewer homes on the Vegas market than at the same time last year.
Fewer homes on the market means Las Vegas home sellers can usually get a better return on their house sale, than when there is a surplus of homes for sale. And it’s not uncommon to see bidding wars during these times of very low inventory.
And with the summer concluded, it’s usual for home sales to dip, and that’s the case with home sales in the Vegas area. But the real estate market hasn’t dipped much, according to the September stats from GLVAR.
Average Las Vegas Real Estate Prices on the Rise
The number of units sold last month, including existing homes, condos and townhomes, was 2,437. While home sales in Las Vegas were down -2.1% in September, condo and townhome sales were up by 7%.
In terms of home prices, they are continuing to rise in Vegas, which is more good news for sellers. In September, the average price for single-family homes sold was $308,883, which us up a strong 16.3% over September 2016.
And it’s not just homes that are fetching more money these days. Condos and townhome prices are up a staggering 22.6% over September a year ago. The average price on Las Vegas condos and townhomes was $145,633 last month.
As if this wasn't enough, homes in Las Vegas are only taking an average of 33 days to sell. Incredibly, that’s down from 45 days a year ago.
Condos and townhomes are getting scooped up like hot cakes, selling in just 24 days, on average.
So, there you have it - the perfect storm if you will, for the ideal sellers market:
High Prices + Low Inventory + Reduced Selling Time = The perfect time to sell your Las Vegas home or condo!
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