How Crazy Is This Real Estate Market?

Today we’re going to be talking about the real estate market in Las Vegas. So what’s going on in the market? We all know it’s a crazy market. And what does that mean? Basically, what that means is right now, in Las Vegas, we have total 2,613 properties for sale, including townhouses, condos, that’s basically Las Vegas, North Las Vegas and Henderson. That number is very low compared to what usually we have. On average, we usually have anywhere between 6 to 8,000 properties for sale. Right now we only have 2,600. So that’s almost quarter of what we usually have. What does that mean, it’s causing this crazy frenzy where we’re getting a lot of buyers bidding and over bidding multiple offers for every property that’s available. So in the last 30 days, we’ve had 4,367 properties sold. So we sold twice as much what’s available. If this trend continues, we’re going to run out of properties.

Also, this is driving the market, the prices, higher and higher. Last year, this time, the average real estate in Vegas was $319,000. As of today, it’s $413,000. So it’s almost $100,000 more. This real estate average price that appreciated it more than 25%. If you’re interested in selling and if you have plans to move, whether you’re moving out of state or where you’re buying another property, it’s a great time to take advantage and sell your property at these high prices. It is a very strong market strong seller’s market. If you have any questions or if you’d like to know how much your house how much you can get for your house in this market. Give me a call for a free home evaluation. I’m always happy to help if you know anyone else that we can help looking to buy or sell. Please send them our way as well.