Las Vegas Association of Realtors reports median price increase for sold homes on the Las Vegas MLS

Posted by Paul Francis on Saturday, December 13th, 2014 at 1:13pm.

Las Vegas Homes Sold in November up in Median price

  • Get a complimentary market analysis for your Las Vegas Real EstateMedian Sold Prices for Homes and Condos / Townhomes Up
  • Number of Listings Sold in November is down
  • Available Inventory on the Las Vegas MLS is down 

According to the Greater Las Vegas Association of Realtors®, the median price for sold homes on the Las Vegas MLS in November of 2014 was up 1.1% from October of 2014 and increased 10.4% from November of 2013. Here are the interesting stats worth taking a look at from the latest Report:

Las Vegas Sales Stats - Nov. 2014
Single Family Homes 

Units Sold Nov 2014Change from
Oct. 2014
Change from
Nov. 2013
# of Units Sold2,031-12.8%


-7.7%

Median Price of
Units Sold


$202,000

+1.1%+10.4%
Avg. Price of
Units Sold
$243,449-1.5%+7.9%

Las Vegas Sales Stats - Nov. 2014
Condos/Townhomes

Units Sold Nov 2014Change from
Oct. 2014
Change from
Nov. 2013
# of Units Sold452-15.2%


-8.3%

Median Price of
Units Sold


$111,450

+12.6%+12.6%
Avg. Price of
Units Sold
$144,279-2.3%+1%

Las Vegas Homes Available for Sale

As shown above, closed sales for the month of November of 2014 were down significantly from October of 2014 and November of 2013. The important stat to take a closer look at is the number of new listings taken in November which is also down compared to October, 2014 and down from November of 2013. Also notice the significant increase in the asking median price for Las Vegas homes available for sale compared to November of 2013. With an increase in the median asking price year over year of 19.3% when median sales prices of homes that have actually sold have only gone up 10.4% and it's a pretty strong suggestion that many homes listed for sale are overpriced. (As somebody who actually practices Las Vegas real estate and doesn't just analyze numbers, it's more than obvious that many homes have asking prices too high.)

Las Vegas Homes Available Stats - Nov. 2014

  Nov 2014Change from
Oct. 2014
Change from
Nov. 2013
# of New Listings2,544-27.5%-7.5%
Total # of Available
Homes


13,421

-7.0%-5.8%
Median List Price of
Available Homes
$223,000+0.5%+19.3%

For Condominiums and Townhomes in Las Vegas, the number of new listings made available for sale and the total number of available listings also declined. The Median change in asking price for available condominiums and townhomes has pretty much stayed right in line with the median increase in actual closed sales year over year of 12.6%.

Las Vegas Available Condos / Townhome Stats - Nov. 2014

  Nov 2014Change from
Oct. 2014
Change from
Nov. 2013
# of New Listings708-15.2%-8.3%
Total # of Available
Condos / Townhomes


3,529

-3.4%-2.6%
Median List Price of
Available Homes
$108,000+1.9%+10.8%

Also, according to the Greater Las Vegas Association of Realtors®:

  • 31.9 percent of all local properties sold in November were purchased with cash. That’s down from 35.1 percent in October and well short of the February 2013 peak of 59.5 percent, suggesting that fewer investors have been buying homes in Southern Nevada
  • Southern Nevada has about a four-month supply of available homes. REALTORS® consider a six-month supply to be a balanced market.

Summary of Current Las Vegas Real Estate Conditions

For Buyers, there are opportunities available and with some recent lending guidelines that may allow lower down payments, you can expect the current trend of prices rising to continue as long as the inventory of available homes / condos / townhomes continues to dwindle. If the current trend of less homes available for sale continues, there may be a shortage of homes to choose from when buying season starts up again. The good news is that there are not as many headaches competing with cash buyers. Interest rates are still at historic lows and in many cases, monthly mortgage payments are lower than paying rent.

For Las Vegas Home Sellers, the decline in available inventory in combination with the overpriced listings means buyers  have less choices. We have plenty of buyers looking for the right home for a fair price so they are certainly out there looking. 67.1% of the single family homes and 64.3% of the condos/townhomes sold in November of 2014 did so within 60 days of being listed for sale. Price your home competitively with experienced Realtors® that can help you prepare your home for sale and guide you to price it properly along with having all of the tools available to showcase your home. 

With over 13 years in the Las Vegas Real Estate market and successfully selling hundreds of homes during all types of market conditions, rest assured that the moment you contact us for a Comparative Market Evaluation that you will be well taken care of all the way to closing.

Paul Francis
Francis Group Real Estate / 
Berkshire Hathaway HomeServices | Nevada
www.LasVegasRealEstateHome.com
702.592.3058

 

 

 

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