The Current Las Vegas Market
Single family residential (SFR) closings for 2013 lag last year by 9%. The SFR median closed sales price rose slightly to $180,000 as closing prices seem to be flattening just a bit. Additionally inventory continues to build to a point where there is a 2.7 month supply of Single Family Residence inventory and a 3.5 month supply of town homes and condos. We are over 9,500 total available residential properties currently and heading towards the 10,000 mark.
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Las Vegas Market Pricing Trends
This month we want to focus on how sales by price points have shifted during the past twelve months. Notice one year ago that 31% of all sales were below $100,000 while today they make up only 16% of the closings. The shift has been towards the $160,000 and above price points. In fact, the median price of a single family residence has increased. 32.1% in this twelve month period while the average price has increased 32.5%. Similarly, condos and town homes have increased by 40% during the same period.
Additionally, the days that properties are on the market until sold continues to increase. The market is more balanced with greater supply and slowing demand. Banks continue to take longer with short sale closings. Moreover, many traditional listings are simply over priced which is adding marketing time as sellers, buyers, and agents are adjusting to these market changes.
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