Las Vegas Home Listings Decrease

Like most markets, the Las Vegas real estate market is cyclical. Listings across the valley began to decline in November just like in other years. We have seen a relief from the consistent increase in listings. Based on the trend from previous years we will see a decrease through January and then the listing numbers will begin to increase again.

According to GLVAR
President Linda Rheinberger, the inventory of homes on the market in the Las Vegas area appears to have peaked, which is a good sign for the local housing market. It is likely that many of the listings have expired this past month. A low number of homes sold and the typical number of listings entered the market. However, the overall number of listings dropped considerably in certain areas. Many people have decided to just hold off through the holidays and school year.

According to the Las Vegas Review Journal, this month's GLVAR statistics include activity through the end of November. This month's highlights include:

The median sales price of a single-family home sold in the Las Vegas area in November was $308,000. That's down $2,000, or .06 percent, from last month. This is also down .06 percent from the same time last year.

For local condos and townhomes, the median sales price in November went down slightly to $199,950, from $200,000 last month. That is down less than 1 percent from last year.

The total number of local homes sold in November was 1,547, down 8.4 percent from October and down 36.6 percent from one year ago. For condos and townhomes, 324 units were sold, down 9.2 percent from the previous month and down 46.1 percent from the previous year. Through November, 53.6 percent of all single-family homes and 55.5 percent of all condos and townhomes sold within 60 days.

That's down slightly from October, when those percentages were 54.4 percent for homes and 56 percent for condos.