The Greater Las Vegas Association of Realtors released housing stats for the Las Vegas Market.
69% of our SINGLE FAMILY inventory sold within 30 days
12% of our SINGLE FAMILY inventory sold within 60 days
6% of our SINGLE FAMILY inventory sold within 90 days
Anything priced $325,000 or below moved very quickly. Home prices year over year have been increasing 8-9%. Currently we have a 2 month’s supply of available houses. In a normal market we would have a 6 month’s supply of houses. So, in that respect it is a Seller’s market. We need a larger housing inventory. So, if you are thinking of selling, now is a great time to do so.
However, if you are a buyer don’t feel dismayed. If you are comfortable with a housing payment and are tired of rising rents, go ahead and buy. The median price is now $238,000, while the historic high was $315,000. This shows that there is still plenty of room for growth.
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