Lets take a look at the latest market sales figures for July. We’ll be looking at them compared to July of 2014, as well as the month prior.

Year-over-year trends

Last month the median price of homes sold through the Las Vegas MLS during July was $218,000. This is  up 9.0 percent from $200,000 when compared to July of last year. Meanwhile, the median price of local condominiums and townhomes, including high-rise condos, sold in July was $115,000. That was up nearly percent from $106,000 one year ago.

Month-over-month trends

The Greater Las Vegas Association of Realtors (GLVAR) likes to report year-over-year trends, which can be a bit disingenuous to the casual observer or home owner thinking of selling in the near future. Month-over-month pricing can give us a more accurate view of the current real estate market.

July’s median price for single family properties, as well as condos, townhomes and high-rise condos, was within 1 percent of where it was in June. From this data, we can see that the market remains stable with a nominal appreciation. Keep in mind this percentage represents the median price for the market as a whole. Some areas in Las Vegas and Henderson may actually be seeing little to no price appreciation, while others may continue to climb. Other areas may experience a slight pullback in pricing. We have micro markets inside the city, and while we can have a broad understanding of the market as a whole, it does not necessarily represent all neighborhoods.

Sales volume is up overall, but condos are down

According to GLVAR, the total number of existing local homes, condos and townhomes sold in July was 3,815, up from 3,314 one year ago. Compared to July 2014, 20 percent more homes, but 6 percent fewer condos and townhomes, sold this July.

Distress sales are down, which is good news

As our market stabilized over the last couple of years, distress sales continue to take up less market activity. In July, 7 percent of all local sales were short sales. That’s down nearly 12 percent from last year. Bank owned properties made up about 8 percent of July sales. By comparison it was roughly 10% of all sales in July of 2014.

A little bit less inventory actually…

There were 13,616 single family homes listed for sale; this is down nearly one percent from last year. Available condos for sale were also down by nearly 4.5 percent when compared to last year.

Does this mean everything is selling immediately?

Not really.

By the end of July, 7,636 single-family homes sat unsold. That’s up 5 percent from last year. For condos and townhomes, the 2,320 properties listed without offers in July represented a half percent decrease from one year ago. Properties can sit on the market for a number of reasons. The most likely culprit is overpricing. If a residence is listed even 3-5% too high, it can languish on the market and not sell.

We still have a lot of cash buyers

While it’s nowhere near our peak (an unhealthy 60% in my humble opinion) cash sales took up 27 percent of market activity last month. Last year it was nearly 36%. When we look at the price appreciation and eventual stabilization this makes sense. Investors flocked to deals, and slowly pull back as those deals dry up. This gives some more breathing room for first time home buyers, which is an important demographic of our real estate market here in Las Vegas and Henderson.