The Las Vegas area real estate market experienced a bit of cooling in July. We expect the market to start slowing a bit as we approach late summer, so this year is no different. The number of homes sold dropped slightly from 6,626 in June to 6,505 in July, while the average price slid slightly from a long-time high of $283,166 to $279,029.
Despite this seasonal cooling trend, inventory remains tight. The total number of listings rose slightly from 13,488 in June to 13,992 in July but we still have only about two months’ worth of inventory on hand. Homes are selling in an average of 28 days, which is the fastest turnaround we’ve seen in at least four years, indicating a strong demand for homes. We anticipate that the Las Vegas area real estate market will remain a seller’s market for the foreseeable future, meaning it’s a great time to sell!