Summary: Listing numbers have dropped off for another straight month easing the over supply. Median home prices remained nearly the same as the previous month in contrast to previous months. The number of home sales is slightly up from previous months.
Las Vegas Listings: (view chart)
Listings in February have decreased from previous months. The statistical curve is showing a little change from previous years. It's to early to tell but the supply has eased some.
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 coming months will indicate a lot in supply versus demand.
Las Vegas Median Prices: (view chart)
Median prices leveled off this month from previous months indicating hope in the market. They're priced at around $235k.
Las Vegas Real Estate Market Watch Conclusion: (view chart)
While it's too early to tell after one month, if this is the beginning to a trend in Las Vegas home sales then the market may show a bottom to the valley. It will be interesting to watch. Listings dropped, sales rose, median prices stayed the same.
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.