The Greater Las Vegas Association of Realtors has published their year end statistics for single family home sales and they are eye opening.
December Annual change
Available listings 14,601 -24.1 percent
Median list price $145,000 12.8 percent
Listings without offers 3,688 -58.2 percent
New listings 2,174 -31.7 percent
Units sold 2,961 -14.3 percent
Median sales price $149,000 24.2 percent
Based upon these numbers, there is currently a five week supply of homes for sale on the MLS. Although there are over 14,000 listings in the MLS, only 3600 do not have offers on them. Just to give a little anecdotal perspective to these numbers, a couple of weeks ago, I listed a house for $175,300 on a Friday. By the end of the day, three offers had been made and the house had not been shown yet. The seller received over 130 requests for showing appointments. Over the weekend, at any given time, there were 3 or 4 Realtors with their clients waiting to show the house and by Monday the seller had 33 offers and was not taking any additional ones. The seller signed a purchase contract for over list price.
While the median sales price has increased, do bear in mind that this means half the houses selling were over $149,000 and half of them were selling below $149,000. The price of an individual house did not go up 24.2 percent, but houses in the higher price ranges – $250,000 and above – are now seeing some sales activity. This has caused the increase in the median sales price figures.
This is a very difficult market in which to buy a house. If you want to buy a house, consider engaging a Realtor who has a significant listing inventory and who will actively try to find houses for you in the neighborhood in which you are interested. Contact the Las Vegas Home Specialist team.
If you are selling your home through short sale or have enough equity for a traditional sale, this is an ideal time to be putting your house on the market. Be sure to choose a Realtor who has been working full time and completely understands our Las Vegas market conditions. Contact Lisa for more information.