Las Vegas Real Estate showing Upward Trends

Median Home Price Sets New Recent HighLas Vegas Market Update

Las Vegas Real Estate is showing a positive trend as the median price for Las Vegas single-family homes reached its highest level since June 2008 last month, August 2015.

The median price for single-family, re-sale homes has been higher than the year before for forty-one months in a row.

Inventory increased, year-over-year, for seventh month in a row.

Pending sales have been higher, year-over-year, for the past eight months, which is showing up in higher closed sales.

Market Statistics

Las Vegas Market Stats

Year-Over-Year

  • Median home prices increased by 10.3% year-over-year to $224,000 from $203,000.
  • The average home sales price rose by 1.7% year-over-year to $257,567 from $253,279.
  • Home sales rose by 12.2% year-over-year to 2,697 from 2,404.
  • Total inventory* rose 16.3% year-over-year to 13,805 from 11,869.
  • Sales price vs. list price ratio fell by 0.5% year-over-year to 98.4% from 98.9%.
  • The average days on market fell by 3.7% year-over-year to 57 from 59.

Month-Over-Month

  • Median home prices improved by 1.8% to $224,000 from $220,000.
  • The average home sales price fell by 1.4% to $257,567 from $261,291.
  • Home sales down by 9% to 2,697 from 2,965.
  • Total inventory* dropped 0.7% to 13,805 from 13,906.
  • Sales price vs. list price ratio dropped by 0.2% to 98.4% from 98.6%.
  • The average days on market dropped by 0.7% to 57 from 58.

Condominiums

Year-Over-Year

  • Median condo prices increased by 7.1% year-over-year to $112,500 from $105,000.
  • The average condo sales price rose by 9.6% year-over-year to $146,751 from $133,927.
  • Condo sales rose by 12.5% year-over-year to 593 from 527.
  • Total inventory* rose 14.1% year-over-year to 3,662 from 3,210.
  • Sales price vs. list price ratio fell by 0.4% year-over-year to 96.5% from 96.9%.
  • The average days on market fell by 7.7% year-over-year to 66 from 72.

 

Month-Over-Month

  • Median condo prices slipped by 2.2% to $112,500 from $115,000.
  • The average condo sales price rose by 5.1% to $146,751 from $139,597.
  • Condo sales down by 0.7% to 593 from 597.
  • Total inventory* dropped 2.5% to 3,662 from 3,756.
  • Sales price vs. list price ratio dropped by 0.4% to 96.5% from 96.8%.
  • The average days on market increased by 0.4% to 66 from 66.

* Total inventory is active listings plus pending listings. Active listings do not include pending.

The Lindstrom Group of Keller Williams Realty Southwest is here to guide you in buying or selling a home in the Greater Las Vegas area, including great Master Planned Communities like Providence, Aliante, Summerlin, Mountains Edge, and Southern Highlands.

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Lindstrom Group 

Keller Williams Realty Southwest

6180 Brent Thurman Way, Suite 200 | Las Vegas, NV | 89148

Office 702-540-1327 | Fax 702-988-8795

Servicing Las Vegas, Henderson and North Las Vegas, NV

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