The second quarter ended predictably for Las Vegas area real estate. We saw an increase from January and the holiday doldrum that continued through April. The beginning of summer 2018 saw the very predictable downtick but sales have increased as the season moves forward, just as we would expect.
Although April 2018 had more sales than the same time last year (5757 versus 5652) May and June of 2018 were lower (6247 versus 6678 for May, 6331 versus 7034 for June.) However, June 2018 saw the highest average price we’ve seen in quite awhile; $289,445.
The second quarter of 2016 saw active listings hovering between 12,772 and 12,903. This year during the same time frame, it’s been between 10,758 and 10,513. This explains why the number of sales this year has dropped AND why prices are higher. In other words, the demand for homes in the Las Vegas area real estate market is higher than the supply. We have become a seller’s market, meaning that sellers are calling the shots in transactions with buyers.
Now is a great time to sell your home. If you or anyone you know is thinking about selling a home, contact our team and let us show we can do to help sellers make the most of this market!
**Data is derived from GLVAR and is considered reliable but not guaranteed.