Las Vegas Local Market Update for October 2016

Posted by Las Vegas Homes By Leslie - on Wednesday, November 30th, 2016 at 10:11am.

Las Vegas Real Estate Stats & Why You Should Lock In Now!

The Las Vegas home and condo market was anything but dull this past October, showing solid gains over the same time last year. Here are some of the quick stats as reported from GLVAR (The Greater Las Vegas Association of Realtors).

Las Vegas Local Market Update for October 2016

Las Vegas Single Family Homes

Las Vegas Home sales in October were solid, just under 10% higher than 2015. Houses are moving quicker, only remaining on the market an average of 45 days, 21% faster than last year. The median sales price has also risen by 6.3%. Homes are priced realistically, receiving 98% of the asking price. The one area where we are challenged is inventory. In spite of the these positive increases, there are 28% less homes on the market than last year and under 3 months worth of inventory.

Las Vegas Townhouse/Condos

Townhouse and condo sales in Las Vegas were also positive - increasing by 3.8% in October and almost 14% year-to-date. In October alone, median sales prices increased by 20.9% and 12.6% year-to-date - making this a profitable time to own a condo in Las Vegas. The days on market decreased substantially from 69 in 2014 to only 46 days in October 2016. Once again the inventory challenge rears it's ugly head. only a 2 month supply of inventory remains with 45% less available townhouses or condos on the market compared to 2015.

It's possible that the outcome of the election was preventing some home owners from making a move. Mortgage rates have shown some increases, it makes sense that if you are considering a move, try to lock in a rate now, before there is more movement.

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

License #S.0062628

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