Balanced Market Great News For Vegas Buyers & Sellers Heading Into Fall Market
According to data recently released from the Greater Las Vegas Association of Realtors, home prices and sales of local existing homes on the market both continued to trend upward through August as we approach the traditionally busy Fall season.
Las Vegas Real Estate By The Numbers From August
In both July and August, the median price of a single-family home in the Las Vegas area was $220,000, which is up an impressive 10% year-over-year. Additionally, single-family resales also jumped by 11.2% from August 2014 to August 2015, with 2,855 total closings last month.
What’s especially encouraging, however, is that the market remains fairly balanced, making it a healthier marketplace for both buyers and sellers currently looking to make a move. Median prices and total closings for condos and townhomes in Las Vegas are also up, showing a median price of $110,000 in August, with 599 total closings—an increase of 8.3% from last year.
Inventory Down For Single-Family & Detached Homes in Las Vegas
Also noted in the report, though, is that for-sale inventory has declined by about 1% from last year, with the MLS showing 13,608 single-family homes on the market at the time the report was released. Inventory for attached units is also down by about 4.5% to 3,459 available units, but even with the decline, single-family home inventory is still at around a four month supply, or just below what’s considered a “normal” level.
Cash Buyers & Investors on the Decline
In terms of investment activity, the number of cash buyers has also fallen to 28.2%— a far cry from the 59.5% seen back in February of 2013. In addition, short sales are also down by about 50%, making up just 6.2% of local sales in August. Bank-owned sales occupied 7% of total sales last month, down from 8.9% in 2014.