This week the median list price for North Las Vegas, NV is $300,000 with the market action index hovering around 68. This is a decrease from our June report when the MAI was at 71. The inventory of resale single-family homes has increased from our June level of 349 to 384 in July.
Market Action Index
The Market Action Index answers the question “How’s the Market? by measuring the current rate of sales versus the amount of the inventory. An index above 30 implies Seller’s Market conditions. Below 30, conditions favor the buyer.
North Las Vegas Real Estate = Strong Seller’s Market
In the last few weeks, the market has achieved a relative stasis point in terms of inventory. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.
North Las Vegas Real Estate Median List Price
The market seems to have paused around its high point. The Market Action Index is a good leading indicator for the durability of this trend.
North 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.
North 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.
North Las Vegas Real Estate Average Days on Market (DOM)
The properties have been on the market for an average of 61 days. Half of the listings have come newly on the market in the past 21 or so days. Watch the 90-day DOM trend for signals of a changing market.
Thank you for reading our post, North Las Vegas Real Estate Market Report – July 2018. For more North Las Vegas real estate market news, information on homes for sale, or general North 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!