The local report from the Greater Las Vegas Association of Realtors show Las Vegas property prices and sales for residential real estate in southern Nevada remained steady. That’s more good news for both sellers and buyers as activity continues to be brisk during the typical busy summer months.
The GLVAR reported the median home price for properties sold via the Multiple Listing Service (MLS) was $211,250; an 8.3% increase from 12 months ago when the price was $195,000. Townhomes and condominiums sold for an average of $112,000, representing a 9.8% increase from last May.
The one word I can use to describe the southern Nevada real estate market over the past year or so is steady. We had a real surge in sales for March and April then a leveling off in May. We’ll see what happens the rest of the summer. But overall, the major metrics realtors and economists use to take the pulse of an overall market are trending the right way, which is encouraging.
One thing of note the report did reveal was the lack of inventory on the market, which can be an issue. The current inventory level is actually less than three months, which is about half of what a balanced market should be.
A three month inventory means it would take approximately three months for every home to sell provided no more new listings came on the market. When inventory is tight like this, it indicates a sellers market in Las Vegas. It basically means that demand is outpacing supply. There is absolutely no reason for a properly priced and presentable Las Vegas home to sell within 30 days.
In some more good news, the number of cash buys continues to trend downward as investors are moving out of the area. The current 29.1% cash buy percentage of sales is down significantly from 40.2% one year ago. It is also well off the high of 59.5% from February 2013. Investors are still somewhat influencing the homes for sale in Las Vegas NV, but it continues to decrease each month.
At the end of May, there were 7,133 homes without any offer, which is up 7.8% from 12 months ago. I still see a trend of homeowners and realtors overpricing their properties, which causes a lag in the time it takes a home to sell. With that said, over 71% of homes are selling within a 60 day period. That compares to 69.4% 12 months ago.
My advice to sellers is to make sure your Las Vegas home is priced correctly and is bursting with curb appeal. Those types of homes often attract multiple offers when inventory is tight.
To the Las Vegas home buyers out there; do your research. Make sure you aren’t overpaying for a home and when you make an offer make sure it is a reasonable one.
As always, please contact me if you have any questions about buying or selling a home in southern Nevada.
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