June 2017 Single Family Residential (SFR) closed sales were up 4.3% from May and 12.3% better than in June 2016. Year to date 2017 closed sales are now up nearly 11% over 2016.
The median closed sales price of a SFR edged up 3.4% from $250,000 to $258,500 while the average closed sales price an SFR remained flat at $296,080. Residential resale activity was brisk again in June leaving us with approximately 1.5 months of inventory. SFR closings, Condo/Townhome closings, Hi-Rise sales closings and Luxury Sales closings continued to make gains as well.
What does it mean when the median price posts significant improvement while the average sales prices remain flat? Simply, we are selling more homes at higher prices, but in those higher price ranges – the sales are closing at slightly lower prices. This could be the result of squeezing out the over pricing or lower than expected appraisals. Either way, 50% of the units closed in June were at prices above $258,500.
The chart below also shows that 65% of the SFR units closed in October 2016 were below $250,000. However, as of this month, only 55% of the Greater Las Vegas closings are below $250,000. That can be seen in better detail by reviewing the “Closed Units by Price Point” charts below.
There were 3675 SFR closings in June 2017. The average Days on Market (DOM) for all SFR closings was 36 days, but check this out:
- 2535 SFR closings (69%) were 30 days or less
- 2199 SFR closings (60%) were 20 days or less
- 1632 SFR closings (44%) were 10 days or less
Thank you for reading our post, Las Vegas Real Estate Market Report June 2017. For more Las Vegas Real Estate buyer tips, 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!