According to the GLVAR, home prices in the Las Vegas Valley are more stable, and this can be positive for both buyers and sellers alike.
Median home prices for July, August and September were $220,000, but up over 8% from a year ago when they were just above $202,500. The median price for condominiums and townhomes came in at $119,000, up a whooping 14% from the same time last year.
3,285 homes were sold during September 2015, up from 2,982 from September 2014. The market is on pace to sell more homes in 2015 than were sold in 2014.
For more than 2 years, there are less distressed homes available. In September, only 6.8% of sales were short sales and 7.1% were foreclosed homes sales. Traditional home sales are dominating the market once again.
Las Vegas has a steady supply of home available; about 8,100 single family homes and 2,300 condo and townhomes. The numbers are only down about 4.3% from this time last year.
Investors are still active in the market, however, that interest is subsiding some as prices have stabilized and less short sale or bank owned properties are available. This is making it easier for families or the traditional buyer to purchase a home, as they are not competing with investors who often have all cash offers.
Roughly 65% of all homes on the market are selling within 60 days. This number remains consistent from a year ago.
Please call me at 702.908.7009 if you would like more information on the Las Vegas Real Estate market. I'd love to help you or your family and friends buy or sell your next home!
Jen DeBolt
702.908.7009
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