Statistics for homes for sale in Las Vegas
Statistics for homes for sale in Las Vegas, Nevada, December 2006 shows us that the inventory of homes for sale on the Multiple Listing Service in Las Vegas declined to 19,729 in November, down 16 percent from the previous month, the Greater Las Vegas Association of Realtors reported Wednesday.
Las Vegas homes for sale are still up nearly 34 percent from a year ago, but the number appears to have peaked at 23,474 in October, a good sign for the local housing market, we are still in a Buyer’s Market at this time, and sellers have had to get more in line with their pricing compared to the times when we had no available inventory. It doesn’t really indicate that our housing prices and values have dropped, simply gotten realistic.
I think people are finally starting to listen and read the news, they understand that the Las Vegas new and resale homes market conditions are not what they were yesterday and who knows what they’ll be like tomorrow. It’s a different environment. They’re not going to attain the results of 2004. The Las Vegas homes market has changed with the availability of properties. Median prices are stable at $308,000, off by less than 1 percent. New listings declined in November to 4,043, down 21.1 percent from 5,125 in October. Also, there are more than 3,400 homes pending sale in escrow. So we are definitely seeing more movement and less inventory.
Since June 2004, Las Vegas Real Estate agents have had over 200,000 homes close escrow. The median price of an existing home for sale in Las Vegas, Nevada went from $242,000 in June 2004 to $287,500 in October, an increase of 18.8 percent. Over the same period, Las Vegas new home prices rose 36.2 percent from $244,263 to $330,000. Now the median price is at $308,000, which indicates that Real Estate is still a sound wise investment in the Las Vegas and Henderson areas.
Statistics from the Greater Las Vegas Association of Realtors are based on data collected through the MLS and do not necessarily account for homes sold by local builders or other transactions not involving a Las Vegas, Nevada Realtor.