We hope you had a wonderful 4th of July and are enjoying your summer! If you haven’t already heard, the Las Vegas real estate market has bounced back in spectacular fashion. Over the last few months, we have experienced an extremely hot market and don’t see signs of it slowing down just yet. So we’re here to give you a more in depth look at what is actually going on.
Las Vegas is currently dealing with a housing shortage with only 5,174 homes for sale as of June 2017. That’s considerably lower than the 7,097 homes that were for sale in June of 2016. This tends to put a lot of pressure on potential buyers when searching for a home. Depending on the price point, some buyers are forced to be more aggressive with their offers and to act as quickly as possible when they find a home they like. Conversely, many sellers are enjoying the luxury of choosing from multiple, above list price offers. Again, this really depends on the price point and the condition of the home. We particularly see this happening within the $100,000 – $300,000 range but have seen it occur at higher price points as well.
We have provided a summary of the housing numbers comparing June of 2016 to June of this year. This will show you just how different the market is from only one year ago. These numbers were compiled by the Greater Las Vegas Association of Realtors.
Housing Numbers: 2017 vs 2016
• Total Number of Homes Sold in June 2017 – 3,584
• Total Number of Homes Sold in June 2016 – 3,248
• Median Price of Homes Sold in June 2017 – $257,373
• Median Price of Homes Sold in June 2016 – $235,000
• Homes Available for Sale at the End of June 2017 – 5,174
• Homes Available for Sale at the End of June 2016 – 7,626
In short, fewer homes are available for sale which has increased demand and price. We are currently on pace to sell more homes than we did in 2016 (41,720). This would mean that since 2014, we have consistently outsold the previous year. As things continue to look up for the Las Vegas housing market and with the excitement of 2 professional sports teams entering the city, we are excited to see just how explosive the Las Vegas market can be.