Realty One Group - Shannon Smith Group

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October Update

Hey My Friends, 

What’s going up?  Home prices, inventory, and interest rates.

What’s coming down?  The amount of homes being sold.

What’s been way down for a while now?  The amount of short sales and foreclosures on the market.

September is the first time since June 2007 that the median home price has reached $300K, which is up 1.7% from August.

While prices are still increasing, the increased inventory will now give buyers more options and ease the rate of home appreciation.

The higher interest rates will unfortunately raise monthly payments, reducing affordability for some buyers; as a result they can only get approved for smaller loans.

Gotta love our Vegas market…..

As of today there are:

Single Family Homes 

6,374 Single family homes for sale

6,212 of those homes are “Regular Sellers”

91 are Short Sales,

71 are Bank Owned

3,266 Homes that have contingent or pending offers

11,359 Sold in the past 120 days.

The median home sale price for last month was $300,000 or $165 per square foot.

Condos & Townhomes

1,482 Condos & Town homes for sale

1,447 of those properties are “Regular Sellers”

14 are Short Sales,

21 are Bank Owned

809 Condos & Town homes have contingent or pending offers

2,841 Sold in the past 120 days.

The median Condo and Town home sale price last month was $170,000 or $148.6 per square foot. 

If you’d like an update on how much your home is worth, I’d be happy to send you a list of comparables along with a complete market analysis.

Have a great month, and please continue to refer your family and friends to me!!