It’s all about supply and demand in Las Vegas real estate! Residential resale activity was big again in May leaving us with approximately 1.6 months of inventory and only about 5400 available single family residence (SFR) listings. That number includes Las Vegas, North Las Vegas, Henderson and Boulder City, 5400 is approximately half the inventory we normally experience.
We are selling more homes than we are listing! This has been happening for several months and it’s getting tight. The chart below provides a visual of the challenge ahead with Las Vegas real estate.
What’s next, price increases? You bet!
The median closed sales price of an SFR edged up in May from $249,000 to $250,000 while the average closed sales price of an SFR increased by 3.5% to $296,503.
May 2017 SFR closed sales were up 22.4% from April and 14.5% better than May 2016. Year to date 2017 closed sales are now up 10.5% over 2016.
The story continues beyond SFRs. It was a grand slam for resale closings of all types, condos, townhomes, hi-rise and luxury sales all made big gains this month. Here are the May YTD numbers:
Condos and Townhomes are all the rage. Current inventory will meet less than one month of demand and when you sell a condo or townhome you are on the market an average of 27 days. The hi-rise market is starting to gain serious traction as well. Note last month sold units of 80 and pending units of 148. A lot more hi-rise units are going into escrow as the Las Vegas real estate market heats up for the summer.
The takeaway, if you are thinking about selling your home now is a great time! It’s not uncommon to see a home have multiple competing offers and that much demand usually translates to better terms for the seller.
Thank you for reading our post, Las Vegas Real Estate Market Report May 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/