Greater Las Vegas Association of Realtors released statistics for May 2006 showing that the median home price of $310,000 remained the same as in April. That represents a 3.3% increase from May 2005.
Median sales price for condos/townhomes is up by 0.5 % to $202,000, up 8.6% from a year ago. The number of available condos and townhomes reached 4,253, an 11.9 percent increase from April to May and a 67.4 percent increase from last year at this time.
The total number of local homes sold increased in May, up 12.8 percent from April to 2,556 homes sold. That is down 17 percent from 2005. For condos and townhomes, 605 units were sold, which is up nearly 12 percent from the previous month, but down 19 percent from one year ago. The number of available homes listed in the Las Vegas area increased 7.6 percent from April to May to a record total of 19,132.
"The number of available homes listed in the Las Vegas area increased 7.6 percent from April to May to a record total of 19,132. The number of local homes, condominiums, and townhouses listed for sale on the Multiple Listing Service continued to increase in May.
Association leaders expect the local housing inventory to peak as summer approaches.
This means for buyers that they will continue to be in the driver's seat for months to come. It is a great opportunity to negotiate great terms, prices, or both.