Las Vegas home prices for November, December and January are typically a very sluggish time in the Las Vegas real estate market. Real estate takes a back seat as people shift focus to the holidays to spend time with family and friends. But newly released data by the Greater Las Vegas Association of Realtors shows even the holidays couldn’t keep the market from moving forward.
In their monthly report, the median selling price for a home in the Las Vegas market increased to $204,000, that’s an uptick of 1.0% from November (the average price in November was $202,000). Looking back at this time last year, the $204,000 average selling price has increased 10.3 percent. In addition, the Vegas condominium market saw prices fall 5.8% to an average selling price of $105,000, but is still up almost 9.5% from the same time last year.
So what does this all mean to you and your real estate goals? It means the Las Vegas real estate market is becoming increasingly reliable – which is a good thing for home buyers and sellers. The market has been stable over the last 12 months as prices have been hovering around $200,000. That’s typically a good thing for consumers because they know what to expect.
Market inertia involving wild price swings causes fear and uncertainty among buyers and sellers. Investors often like considerable shifts in the market so they can capitalize on price fluctuations, but the average home-buyer is better off in a stable market.
I’ve also noticed a two-year trend of fewer distressed properties and an increase in traditional homes for sales in Las Vegas not involving lenders controlling the transactions. In fact, in December a total of 10% of all real estate transactions were short sales.
December also saw an increase of homes purchased with cash. In total, 34% of homes were cash purchases compared to 32% in November. Even with a slight increase, that is still far short of the high of 60% during February 2013. The data indicates that fewer investors are buying homes as the market continues to move toward a more traditional environment.
As a real estate professional in Vegas it is my job to track metrics and trends in the market to better assist my clients. I’m encouraged by the latest data. It certainly reveals a stabilizing market that is finding equilibrium after years of turmoil. I expect prices to continue to increase through 2015. That means potential home buyers should consider purchasing homes in the relative near future before prices continue to increase.
For more information or questions about buying or selling your home please don’t hesitate to contact me by visiting my 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