Who’s Our Las Vegas Market Favoring at the Moment—Buyers or Sellers?
As we move through August, are we in a buyer’s or seller’s market here in Las Vegas?
In the lower price ranges under $300,000, we’re in an extreme seller’s market. There is less than one month’s supply of inventory in this segment. Keep in mind, a six-month supply is considered balanced.
Between the $300,000 and $400,000 price range, there is a two-month supply of inventory. In the $400,000 to $500,000 range, there is a three-month supply. These price points, too, are in a seller’s market.
What’s interesting, though, is the $500,000 to $1 million price range is a buyer’s market because it has a 10-month supply. There are many players in this portion of the market, and affordability minimizes the farther you get above $500,000.
The market overall looks good whether you’re buying or selling.
Multiple offer situations are most common in the $300,000-and-under price range, so if you’re a buyer in this area, you need a team like us to help you dial into properties as soon as they’re listed. If you’re a seller in this range, you’re in a great position right now. You’ll get at least market value for your home, and it will likely sell quickly. As with buyers, you’ll need a team like us to position your home in the best light possible.
If you’re a seller in the $500,000 to $1 million range, you need to make sure your home stands out with its marketing and photography and make sure the public can see it through many different avenues.
Interest rates are still good and Las Vegas’ economy is growing fast, so the market overall looks good whether you’re buying or selling.
If you have any questions about our market or are considering buying or selling a home, give me a call or shoot me an email. I’d be glad to help you.
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