Hey My Friends ,
If you saw the news last week you probably saw that Las Vegas is officially the hottest real estate market in the country!!
Las Vegas reported the highest year-over-year gains in home values, totaling a 13 percent increase, according to the S&P’s Corelogic Case-Shiller Index (the leading measure of U.S. home prices). Seattle came in a close second with a 12.8 percent increase, San Francisco in third with a 10.7 percent increase.
All of this is factual, but as an agent with boots on the ground, believe it or not price growth is slightly cooling and sales have begun to slow down. By all indications, Las Vegas is still a seller’s market and not undergoing a wrenching change, and prices continue to rise faster than the national average. But collectively, the shifts could give buyers some relief.
Two huge determining factors of the rising prices are low availability and strong demand. In August, homes priced below $300,000 were on the market for an average of 10 days compared to homes priced from $300K – $600K which were on the market for an average of 18 days.
Las Vegas is still numero uno in the country with a great deal of activity, but it’s only healthy for things to cool off just a little.
As of today there are:
Single Family Homes
5,719 Single family homes for sale
5,573 of those homes are “Regular Sellers”
79 are Short Sales,
67 are Bank Owned
3,410 Homes that have contingent or pending offers
11,750 Sold in the past 120 days.
The median home sale price for last month was $296,000 or $165 per square foot.
Condos & Townhomes
1,227 Condos & Town homes for sale
1,199 of those properties are “Regular Sellers“
12 are Short Sales,
16 are Bank Owned
807 Condos & Town homes have contingent or pending offers
3,001 Sold in the past 120 days.
The median Condo and Town home sale price last month was $170,000 or $147.8 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!!