Las Vegas Real Estate Snapshot
Buying a Home
Las Vegas Real Estate Summary: Las Vegas available
homes fell below 12,000 for the first time since 2006 as savvy buyers stole the best deals (maybe these units were bid up in the
process). Fewer than 16,000 total units are available! Inventory of
both short sale and bank owned homes fell dramatically and the Las Vegas
real estate inventory in almost all price ranges is down. Pending Las
Vegas real estate sales continue to rise, now topping out over 12,000
units. Multiple prices on available and contingent homes is stable or
rising slightly. As for recently sold homes, we don’t have a second
week of rising prices. Multiple offers are evident when the medium
sales price price is greater than medium list price.
Available Las Vegas real estate listings for sale: There are only 11954 available single family homes, 3762 condominiums and townhomes. Current median list price is rose to $166,217, and median time on market is 109 days. Of those, 8755 are vacant (well over half), 5195 are owner occupied, and 1766 are tenant occupied.
Distressed Las Vegas Properties: Las Vegas real estate listings, 6271 are noted as short sales and 3778 are Las Vegas bank-owned. Median price for a short sale is down slightly to $139,900; Median price on bank-owned is only slightly up at $115,500. Non-distressed properties for sale had a median price of $334,490.
Contingent and Pending Las Vegas real estate listings: Las Vegas properties in the pending to close process are 10066 single family homes, 2020 condos and townhomes. Median asking price of contingent Las Vegas houses remains stable a third week at $149,900; median asking price of contingent condos/townhomes is up slightly at $74,500. The accepted price is confidential until the sale closes.
Las Vegas Single Family Home Prices: Of available Las Vegas real estate listings, 233 under $50,000; 1735 between $50,000-$100,000; 4965 between $100,000-$200,000; 3456 between $200,000-$500,000; 972 between $500,000-$1,000,000; and 757 over $1,000,000. Every category but the million dollar plus home has reduced inventory. Median price on an available Las Vegas single family home rose to to $179,900; median price per square foot is up at $94.
Las Vegas Condo and Townhome Prices: 479 under $50,000; 1283 between $50,000-$100,000; 1058 between $100,000-$200,000; 600 between $200,000-$500,000; 259 between $500,000-$1,000,000; and 150 over $1,000,000. Median asking price is $114,900; median price per square foot is unchanged at $98.
Las Vegas Real Estate Recently sold:
Another 670 properties have closed in the last week. 3925 have closed
in the last 30 days and 14321 have closed since the first of the year.
Of the properties closed in the last week, 85 properties were on the
market less than a week; 66 were on the market more than 6 months;
median was 46 days (median time on market including the contingent
period was 123 days). Median sales dropped to $127,000 and median list
price dropped to $126,990. Even though these numbers are down over last
week, the important thing is that median actual sales price was above
median list price.
Las Vegas Rentals: 4767 homes, townhomes, and condos for rent in the Las Vegas Valley reported by the Las Vegas MLS. 567 contingent leases and 1733 leases signed in the last 30 days.
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If you are interested in relocating to Las Vegas or would like information on Las Vegas real estate, please email me, Bob Ratliff with RE/MAX CENTRAL LAS VEGAS, at rratliff@remax.net, or call me at 702-807-5528. I look forward to hearing from you!
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