All signs are pointing to our seasonal, annual slowing of Las Vegas area real estate. The average price dipped in August and has remained fairly stable since then. When we look at the pattern from the same time frame last year, we see a similar flattening, although the average sale price in September 2016 was $230,691, up over $6000 for the same time last year.
The number of sale has dropped similarly and predictably for this time of year, as we can see below. However, like the average sale price, the September 2016 total sales are up from the same time last year, 5,896 homes versus 5,598.
Overall, I think that the Las Vegas area real estate market has done well this year. It has not strongly favored either buyers or sellers as is demonstrated by the slow but steady growth we’ve been seeing. We still have one of the highest percentages of underwater homes (ie the mortgage outstanding is more than the value of the home on the open market) but the market is recovering at a stable rate, and we have come a long way from where we were a few short years ago.