The 2018 Las Vegas real estate market ended on a positive note for sellers. The average sale price of $284,379 held pretty stable through the traditionally quiet holiday season.
Compared to previous years, 2018 has demonstrated that our real estate market has reached stability, but definitely favors sellers. The number of sales per year has varied little over the past four years, but we saw a pretty healthy jump in average sale price, indicating that buyer interest is high enough to drive competition. Our experience representing both buyers and sellers bears this out; homes that are move-in ready and priced well attract a lot of attention.
Although sellers are definitely finding the Las Vegas market in their favor, buyers are not being left out in the proverbial cold. Interest rates are creeping up, but are still low enough to allow borrowers to buy more home for their mortgage dollars. Some lenders have loosened requirements a bit, and economic conditions in many areas have improved to the point where we are seeing more first-time home buyers, a segment of the home buying population that has been noticeably absent.
So, we are in a unique situation; now is a good time to be a seller because of the keen interest in Las Vegas area real estate, but it’s also a good time to be a buyer with still-lower (but rising) interest rates and economic conditions that improve the ability to qualify for a mortgage. Drop us a message if you are interested in learning how YOU can take advantage of this unique time in the Las Vegas home market!
**Data provided by GLVAR considered reliable but not guaranteed