2017 was an interesting year for real estate in Las Vegas. The market for condos, townhomes and single-family homes saw sizable increases in number of sales, prices and total dollar volume sold. The number of days properties remained on the market dropped drastically, 50% for condos and 37% for houses. So why weren't people jumping at selling their homes? Not sure, but due to the lack of sellers, the months of on-hand inventory dropped substantially as well.
What can we learn from this? Well, if you're considering selling - prices are up, listing times are down, and selection of pre-owned homes is sparse. In otherwords - what are you waiting for!!!
For home buyers - if you're not seeing what you want due to lack of inventory, consider buying a new construction home. There is a huge range of pricing, neighborhood selection, and floorplans to choose from, by every major builder in the area. There are some exciting new Las Vegas luxury developments, new active adult communities in Summerlin, and CalAtlantic Homes is killing it with their popular rooftop decks.
Here are the cold, hard stats for the 2017 Las Vegas real estate :
Las Vegas Single Family Homes 2016/17
Total Sales: Up 7% from 22,132 to 23,679
Median Sales Price: Up 11.8% from $228,000 to $254,900
Percent of List Price: Sellers received a median 99.3% of list price, up .4% from 2016.
Days on Market: Another huge decline -37% from 27 days on market to 17 in 2017.
Months Supply: Decreased by -33.3%, we saw 3.6 months of supply in December 2016 and only 2.4 months of supply in 2017.
Dollar Volume: The total dollar volume sold in 2017 is up 20%, totalling $7,084,986,708
New Construction: New home sales increased by 12% for a total of 1,150 new construction homes selling in 2017
Las Vegas Condos & Townhomes 2016/17
Total Sales: +9.8% From 5576 to 6122
Median Sales Price: Up 17.8% from $107,000 to $126,000
Percent of List Price: Sellers received a median 99.3% of list price, up 1.6% from 2016.
Days on Market: Down -57% from 28 days on market to 12 in 2017
Months Supply: Went from 3.4 months of supply on hand to 1.7 - down -50%
Total Dollar Volume: The total dollar volume sold in 2017 is up 28.7%, a total of $849,118,976
New Construction: More than doubled with a 120% increase. only 15 condos/townhomes sold in 2016, and 33 sold in 2017.
Don't hesitate to contact Leslie for more information about the Las Vegas market, or new construction opportunities in the city. Often, these homes aren't listed on the MLS til much later. It's all about finding the right fit for your budget and lifestyle.
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