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Summer 2017 Market Update for Las Vegas Area

The Las Vegas real estate market made a strong showing this past summer, with 6,730 sales and an average price of $250,168. Sales were up from July (6,381) but the price retracted a bit from $259,150. As we can see from the graph below, summer is a bit of an up-and-down market ride, with sale increasing early/mid summer and then dropping in late summer, along with average sale prices. This year was no different. However, when we compare where we were last month with August 2017, we can see a definite upward trend, from 6,611 sales and $227,873 average sale price.

The data would indicate that Las Vegas area real estate is growing at a slower, sustainable rate and is likely entering the annual winter wind-down. Although the holiday slow-down isn’t necessarily good news for sellers, it can present a great opportunity for buyers who may find less competition and the accompanying lower prices we see when fewer buyers vie for homes.

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