December Update

Hi,

Single Family home prices are down 2.25% in November from October to a median price of $435K.

The amount of sold are down 11%.

What caught my attention is that inventory is also down 10% now, compared to October. Maybe sellers are taking their homes off of the market or just deciding not to list but lower inventory is a positive sign.

Homes are on the market for an average of 33 days before accepting an offer. Most accepted offers are 3% less than asking price.

You can say I’m looking for a break in the clouds but by definition and based on the amount of homes sold and for sale we’re in a “balanced” market.

Generally, a balanced market will lie somewhere between four and six months supply and we’re at 4.8.

Who knows where we’re headed, but I’m working with buyers who are still having a difficult time finding their ideal home.

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Las Vegas Market Snap Shot

TOTAL PROPERTIES AVAILABLE

Single family: 7,027
Condo/ Town homes: 1,615
High Rise Units: 385
Multi-Family, 2-4 Units: 68
Manufactured Homes: 104

TOTAL PROPERTIES IN ESCROW

Single family: 1,743
Condo/ Town homes: 431
High Rise Units: 27
Multi-Family: 2-4 Units: 35
Manufactured Homes: 36

PROPERTIES SOLD IN AUGUST

Single family: 1,456
Condo/ Town homes: 449
High Rise Units: 54
Multi-Family, 2-4 Units: 24Manufactured Homes: 28

MEDIAN SALES PRICE FOR October

Single family: $435,000
Condo/ Town homes: $260,000
High Rise Units: $379,900
Multi-Family, 2-4 Units: $517,500
Manufactured Homes: $201,250

MEDIAN SOLD DOLLAR PER SQFT FOR October

Single family: $237 per sqft
Condo/ Town homes: $224 per sqft
High Rise Units: $457 per sqft
Multi-Family, 2-4 Units: $172 per sqft
Manufactured Homes: $160 per sqft

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