Las Vegas Real Estate Market Report for August 2017. Single Family Residential (SFR) closed sales were up 4.2% from July 2017 and 5.1% better than August 2016. Year to date 2017 closed sales are now up 10% over 2016.
The median closed sales price of an SFR remained flat at $260,000 while the average closed sales price of an SFR dipped to $294,696 for a 2.86% decrease. Residential resale activity was brisk again in August leaving us with approximately 1.7 months of inventory. SFR closings, Condos/Townhome closings, Hi-Rise sales closings and Luxury Sales closings continued to make gains as well.
Las Vegas Scoops Up Residences Priced Under $250,000
The trend in Greater Las Vegas now is to scoop up everything priced under $250,000. Single-family residences, priced at $250,000 or lower tend to be on the market a short period of time and often result in multiple buyers bidding up the price. We advise our clients to bring their strongest offer when shopping in this price range.
Las Vegas Closings By Type in August 2017
Traditional sales now totally dominate the Las Vegas market with REO’s and Short Sales becoming the minority transactions.
Las Vegas Closings By Sold Terms in August 2017
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