Summary: The number of listings slowed due to seasonal factors. The average days on market have remained consistent. The median prices have dropped considerably. The number of home sales is slightly up from previous months.
Las Vegas Listings: (view chart)
Listings in January were similar to previous months. The curve matches other years.
Las Vegas Market Strength: (view chart)
Compared to other national averages and normal sales the Las Vegas market remains steady. Prices have dropped but the average days on market for homes competitively priced remains good, and has dropped some. The key to selling today is pricing a home correctly. There is considerable competition with homes in foreclosure proceedings. Once that inventory has diminished the reflection in low prices will level out some.
Las Vegas Resale Homes Sold: (view chart)
The number of homes sold has increased over previous months. The holiday season affected both buying and selling activity.
Las Vegas Median Prices: (view chart)
Median prices dropped considerably. They're priced at around $235k.
Las Vegas Real Estate Market Watch Conclusion: (view chart)
The holidays have affected the number of home for sale. Sellers are involved in other activities so listing numbers drop off. Buyers who are motivated are making purchases and will reap the benefits. The national average for days on market is around 90 in a healthy market. Las Vegas homes, which usually sell in less time, that are priced correctly are selling on average for just under that amount still. While the market is in correction, gains from years ago are still considerable.
Full Las Vegas real estate statistical market report found: http://www.hildrethhome.com/lasvegasrealestatemarketwatch/
Contact Las Vegas real estate agents to learn more about the market and buying or selling your home.
