Las Vegas is Trending Toward a Buyer's Market
Overall, this October demonstrated a nice recovery from the slower months in late summer. One big change is apparent; there are definite signs that the Las Vegas real estate scene is trending toward a Buyer's Market. This is pretty big news, considering the lengthy Seller's Market that has sustained itself for the past year.
Here are some of the indicators that the market is tilting slightly more favorably toward buyers:
- Months supply of inventory has been on the rise each month, and up 21.7% from October 2017
- An increase in new listings
- Number of closed sales decreased -18% since the spring
- The number of days on market is on the rise, 32 in October and as low as 25 last July
- The percentage of list price received has decreased slightly from 99.4% in the spring to 98.7%
- The number of closed sales is down -6.8% from last year
- Median home prices, though up considerably from 2017, have dropped slightly from last month
Las Vegas Market Stats Up to October 31, 2018
There were slightly fewer closed sales in October 2018 compared to the previous year. But new listing were up an impressive 22.7%.
Median sales prices up 13.5 %, continue to increase.
New Listings for townhouses and condos are also on the rise by 18.9%. Median sales prices up an even larger 24.4%. There is 43% more inventory this year, with more sellers deciding to list their homes.
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