This week the median list price for Las Vegas, NV is $389,888 with the market action index hovering around 52. This is a decrease from our June 2018 report when the index was at 56. The inventory of available single-family resale homes is now at 3,379 as slightly more inventory hits the market and prices cool for a few weeks in July. The only thing slightly cooling during our 100+ degree summer!
The market action index answers the question “How’s the Market?” by measuring the current rate of sale versus the amount of the inventory. An index above 30 implies Seller’s Market conditions. Below 30, conditions favor the buyer.
Las Vegas Real Estate = Strong Seller’s Market
The market remains in a relative stasis in terms of sales to inventory. Prices have not been moving higher for several weeks. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the Market Action Index. If the market heats up persistently, prices are likely to resume an upward climb.
Las Vegas Real Estate Median List Price
The Las Vegas real estate market appears to be hovering around this plateau. Look for a persistent change in the Market Action Index before we see prices deviate from these levels.
Las Vegas Real Estate Price Per Square Foot
The market plateau is seen across the price and value. The price per square foot and median list price have both been reasonably stagnant. Watch the Market Action Index for persistent changes as a leading indicator before the market moves from these levels.
Las Vegas Real Estate Inventory
Inventory has been climbing lately. Note that rising inventory alone does not signal a weakening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is keeping up with available supply.
Las Vegas Real Estate Average Days on Market (DOM)
The properties have been on the market for an average of 81 days. Half of the listings have come newly on the market in the past 33 or so days. Watch the 90-day trend for signals of a changing market.
Thank you for reading our post, Las Vegas Real Estate Market Report – July 2018. For more Las Vegas real estate market news, information on homes for sale, or general Las Vegas real estate information please visit our website www.jackwoodcock.com or visit our Facebook page https:www.facebook.com/TheJackWoodcockGroup/
The Jack Woodcock Group, selling Las Vegas Real Estate since 1974!