LAS VEGAS – The stats are out for last month and we're seeing a market that is holding steady in regards to pricing and inventory. The median home price bumped up a bit to $202,000, a roughly 1% increase. In October the median home price was $199,000, while in September the median home price was $202,000.

The median is the mid-point, half the homes sold for more, while the other half sold for less.

Activity

Not surprisingly sales are slowing this time of year. In November 2,483 single family homes, condos and townhomes closed escrow. This is down from 2,861 closed sales in October.   That’s a 14% month over month decrease.

Inventory

Currently we have four months of inventory for sale. A balanced market, which works well for both buyers and sellers is generally 5-6 months. I am seeing a lot of price reductions and expired listings coming up however. So it's important to pay attention to pricing trends inside your particular community if you're going to be listing your home.  

Distress sales

Distress sales as a percentage of market activity are down. Less than 10% of all sales in November were short sales. A short sale is when lenders allow borrowers to sell a home for less than what they owe on the mortgage. Likewise 8.7% of market activity were foreclosures in November. The less distress sales, the more stable our market becomes.

Cash sales

Cash sales continue to decrease. In November 31% of sales were all cash buyers. By comparison October saw 35% of real estate deals close with cash buyers.

Time on the market

In November, 67.1 percent of all existing local homes and 64.3 percent of all existing condos and townhomes sold within 60 days. 

Synopsis

Pricing and inventory remain stable, and I expect the same as we move into the new year. I would anticipate the usual pull back for sales activity over the holidays. That said, sellers should consider the winter months simply because they have less competition and buyers tend to be much more serious this time of year. Buyers can probably look forward to more inventory in 2015, but should pay attention to interest rates as they are anticipated to rise.

Related: October Market Report