Greater Las Vegas Market Update
The market remains 10% behind last year but most market niches out-performed or came close to performing as well as they did in April 2018.
Closed sales by community reveals anywhere from 1 to 15 months of inventory, depending upon the specific community. Generally this means that there are about 3 months of SFR inventory, which is considered a balanced market from a negotiating perspective, but it is a shame to still see sellers over-pricing their listings so aggressive negotiation on behalf of our buyer clients is necessary.
April 2019 SFR closed sales improved 9.47% from March 2019 and is nearly the same as April 2018.
Condo and townhome sales improved 17.5% over last month and 8.4% over last year at this time. There are only 2.6 months of condo/townhome inventory currently available.
Vertical/high rise sales have stalled to 2014 levels while luxury sales have kept pace with last year which is great news!
The median closed sales price of an SFR remains flat at $300,000 while the average closed sales price of an SFR dropped from $353,069 to $344,156 for a 2.5% decline.
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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