The Las Vegas area real estate market showed signs of heating up along with summer temperatures in May. Summer is traditionally the most active time in real estate, in large part as families plan moves during summer vacations when school is out. The number of homes that sold in May increased from 5,945 in April to 6,492, while the average sale price hit a new high of $295,448. The number of active listings in May was 18,764, which is a number we haven’t seen since late 2016 when the Las Vegas area real estate market finally worked its way through the mass of foreclosures and short sales of the recession.
There is no question that our real estate market is hot. From a seller’s standpoint, it’s always good when inventory AND sales go up, but when the average home price goes up as well, it’s pretty safe to say that it’s a seller’s market. Well-priced homes are experiencing multiple offer situations, so buyers may have adjust their strategies to score that dream home.
Regardless of whether you are a buyer or a seller, your Las Vegas Home Specialist team can help you make the most of this “hot” summer market. Give us a call, text or email and let us show you how we can make this market work for YOU.