Greater Las Vegas Market Update FOR June 2019
May 2019 closings are very encouraging with gains in both single family residences (SFR) and luxury market sales, with most market niches out-performing May of 2018.
Closed sales by community reveals anywhere from 1 to 10 months of inventory – depending upon the specific community. Overall SFR inventory dropped with a rise in new listings taken and an even larger rise in closed SFR sales despite many homes still being overpriced. The good news is that this market shift has put downward pressure on listing prices of available inventory as well as SFR closed sales prices.
- April 2019 SFR closed sales improved 14.1% from April 2018.
- Condo and town-home sales improved and are back on pace to compete with 2017 and 2018 sales results.
- There are only 2.6 months of condo/town-home inventory currently available.
- Vertical/high rise sales continue to stall at 2014 levels while luxury sales keep surging!
- Both the median and average closed sales prices of an SFR remain below the 2006 peak!
Below are some valuable charts and graphs that illustrate what is currently going on in the Greater Las Vegas real estate market:
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