May Update

Five years ago in April of 2017 the average sales price was $250K. I can remember a number of people telling me they weren’t buying at the top of the market and they’ll wait for prices to come down. Those people are still waiting and kicking themselves in the butt.

Whenever a person purchases real estate, it’s always at the top of the market. That’s the beauty of our economy and Supply and Demand. Whether prices average $127K like they did in May of 2012 or much more like today, property will sell for the most a buyer is willing to pay. I’m still waiting to find the guy to sell their real estate for much less than it’s worth so I can buy it.

Inventory is slowly increasing, but home prices are still rising.

There’s a popular Chinese proverb that says: “The best time to plant a tree was 20 years ago. The second best time is now.”

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Las Vegas Market Snap Shot

TOTAL PROPERTIES AVAILABLE

Single family: 2,708
Condo/ Town homes: 630
High Rise Units: 330
Multi-Family, 2-4 Units: 54
Manufactured Homes: 50

TOTAL PROPERTIES IN ESCROW

Single family: 3,379
Condo/ Town homes: 972
High Rise Units: 115
Multi-Family: 2-4 Units: 56
Manufactured Homes: 58

PROPERTIES SOLD IN APRIL

Single family: 2,862
Condo/ Town homes: 736
High Rise Units: 137
Multi-Family, 2-4 Units: 37
Manufactured Homes: 37

MEDIAN SALES PRICE FOR APRIL

Single family: $478,885
Condo/ Town homes: $277,850
High Rise Units: $395,000
Multi-Family, 2-4 Units: $535,000
Manufactured Homes: $220,000

MEDIAN SOLD DOLLAR PER SQFT FOR APRIL

Single family: $260 per sqft
Condo/ Town homes: $242 per sqft
High Rise Units: $416 per sqft
Multi-Family, 2-4 Units: $165 per sqft
Manufactured Homes: $167 per sqft