Blog

Apr
12
Las Vegas Real Estate Market

According the Greater Las Vegas Association of Realtors®, the median price for existing single family residences increased in March to $242,000. This was a .4 percent increase over February and a 10 percent increase over March of last year. Condos/townhomes were also up going for a median price of $122,950. This was a 4.2 percent jump from February and 4.2 percent increase from March of last year.

The volume of home sales is also increasing. The total number of sales for existing single family homes was 3195. This is slightly over a 42 percent increase over February and a 14.8 percent increase over March of last year. Condo and townhomes also saw an increase of 25.1 percent over February with 708 sales, which was a .4 percent bump over the same time last year.

The number of available units creeped up slightly in March for existing single family homes and Condos/townhomes however, still lagged behind last year’s inventory. “Single family homes listed” was at 11,185 units a 4.3 percent increase over February but, down 16.7 percent compared to March of last year. March’s total number of available Condos/townhomes was 1,871 a 1.5 percent increase over the previous month however down 47.6 percent from the same time last year.

The pace of sales is also quicker compared to last year. 59.7 percent of homes were on the market for 30 days or less in March and 69.9 percent for townhomes/condos. At the end of the reporting period only 5,488 homes were without offers and 715 of Condos/townhomes.