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Las Vegas Resale Homes

During the month of August 2005, there were over 15,000 Las Vegas resale homes listed in the Las Vegas Multiple Listing Service (MLS). This number has continued to grow since the real estate boom and subsequent housing supply crunch of 2005. The average price for these homes was $369,999. The median price was $309,000. The number of town house and condo units available in the resale market during August 2005 was 2,649.

Also, the time on the market for Las Vegas resale homes has continued to rise. During March, 2005, 42 percent of the single family Las Vegas resale homes were on the market less than 30 days; 20 percent were on the market between 31 and 60 days; 14% were on the market 61 to 90 days; 11 percent were on the market 91 to 120 days; and 13 percent of these homes were on the market more than 120 days.

The cost of a Las Vegas resale home increased by $32,510 during July 2005 in comparison to July of 2004. This has been unexpected to some experts since there have been approximately 15,000 Las Vegas resale homes listed in the MLS every month during the year. The actual number of previously-owned or resale Las Vegas homes sold during July 2005 went down 13.8 percent to 5,534 as compared to July of 2004.

The median price of a Las Vegas resale home was $131,000 five years ago. This price has increased over 115 percent during this time. The rate of home ownership in Clark County is currently 59.8 percent which is well below the national rate of 69.2 percent.

Many Las Vegas resale homes are relatively new since they have been built during the last decade of exploding population growth in Clark County. So the purchasers of resale homes in Las Vegas have the advantages of “almost new” homes without having to spend additional money on landscaping, window treatments, and other items usually required in new homes. Plus, of course, the homes appear “new” without a lot of wear.

Prices for both new and resale Las Vegas homes continue to increase, but are not exploding as they did during 2004. The Las Vegas Valley will probably achieve double-digit home price appreciation during 2005, even though the rate of appreciation is slowing down.

If you are the owner of one of the Las Vegas resale homes, pricing your home realistically is one of the most important steps in successfully selling your home in a timely manner. If your home is priced too high it will not interest buyers who might otherwise be active prospects if the price were more realistic in the current Las Vegas real estate market. Conversely, if you under price your home, you may lose potential profit. Experts recommend that you study prices of comparable homes that have sold during the last four to six months in your area. We offer a free Comparative Market Analysis of your property.

Contributing to the strong market in both Las Vegas resale homes and Las Vegas new homes is the strong employment environment in Las Vegas. The unemployment rate continues at about 4.0 percent.

A strategy to consider in pricing your Las Vegas resale home if there is very strong demand in your particular area is to price your home a little below its current market value to attract a lot of buyers. In a hot market, the seller will receive multiple offers with prospective buyers bidding against each other and producing a final sales price higher than the market vaule.

Please contact us via email or by calling (702)336-6818 if you have questions about Las Vegas resale homes or any aspect of purchasing a home in Las Vegas. To view all available Las Vegas resale homes OR new homes, use the Free Las Vegas MLS Search.