Las Vegas area real estate ended March on a high note. The total number of homes sold shot up an incredible 1504 units, from 4972 in February to 6476 last month. The average sale price edged up modestly, from $288,218 to $288,431.
March saw a rather dramatic decrease in the number of active listings; 9992 homes on the market in March versus 10571 in February. We have been seeing a pattern of decreasing inventory going back to at least 2014, when the monthly numbers for active listings hovered around 20,000 homes on any given month. Most likely this decrease is due to in large part to lower numbers of distressed homes being put on the market. Those dark days look to be far in the past now. Las Vegas real estate holds quite an appeal for buyers despite the steadily strengthening of prices and reduction in number of homes on the market. Our market favors sellers, meaning it’s a great time to put your home on the market. Give us a call if you’d like to know how we can help you take advantage of our strong market!