Check Out This Fall Market Update

As exhibited by the fact that we’ve seen more than 20% appreciation year to date, 2018 has been a great year for our Las Vegas real estate market.

However, our market is beginning to slow down now that we’ve entered the fall. Inventory has increased by 20% in the last 30 days. We haven’t seen a jump in inventory like this since 2013.

Of the nearly 8,000 listings we have on the market right now, 6,355 are houses, 977 are condominiums, and 496 are townhouses. And in the last 30 days, we’ve seen 319 condominiums, 2,364 houses, and 240 townhomes close. What all of this indicates is that we have about three months’ worth of supply in our market.

That said, conditions do vary between different price points. Homes priced at and above $300,000 are still selling quickly and receiving multiple offers, but activity closer to the $500,000 price point has definitely declined.

Speaking of price, our median price point is now $295,000. This is higher than it’s been in some time. Between this and the fact that there are currently about 4,000 properties under contract, we can see that our market is still doing well overall. Buyers and sellers alike still have the opportunity to make their move and succeed in our market.

If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.