Las Vegas Real Estate Market Update for July 2017

Can you say Seller’s Market? 

 

Median Price

What’s the median home price in for the greater Las Vegas area right now?

In July, the median home price for Las Vegas was $241,000. This is a 12% increase from July of 2016. By comparison, last year our median home price was $215,000. 

 

Inventory

Supply is very light right now. In fact, we’re nearly 50% lower than we were this time last year. A healthy (balanced) market is defined as 6-7 months of inventory. This is a good ratio for both buyers as well as sellers. July had just a two-month supply of homes for sale in Las Vegas. That’s defined as a seller’s market. 

Condo availability here in Las Vegas was even lower, just 1.2 months of inventory to choose from. 

July had 7,500 homes listed for sale, with 4,100 under contract. We also saw 3,900 homes close escrow for that month, which is an increase of 11.5%. 

 

Sale to list price ratio

In this market as you imagine, the sale-to-list-price-ratio was 99.7%. In other words, as a whole, homes are selling at nearly full asking price. This is not surprising given our low inventory. 

 

How long are homes staying on the market before they go under contract?

Days on market are also low. The median DOM is a paltry 14 days. The average DOM is a bit better, at 36 days. This is the time it takes for a property to go under contract. It may still take 2-8 weeks to close an escrow however. 

 

Don’t panic, just be prepared

Buyers should have their ducks all lined up and ready to go in this environment. I do not advocate rushing, or buying anything sight unseen. But I do recommend being rational, pragmatic, performing all due diligence, and most of all being ready when a new home hits the market. As a buyer, you’ll be competing against many others looking at the same neighborhoods at the same properties.