Remember Steven Seagal as Casey Ryback in the 1992 movie “Under Siege”? There was a great line in there – “Show me a move!” Well the Greater Las Vegas real estate market showed us more moves than the Final Four during March Madness! Closed units soared enough to catch up with first quarter 2014 numbers. Then take note of the Hi-Rise and Luxury market segments in the charts below.
Las Vegas Market – March Moves
Las Vegas Market Overview
Cash was not King in March as conventional financing overtook cash with a 33% market share. Short sales appear to be shrinking once again and this may signal the final vestige of short sales in Greater Las Vegas as 2015 enters the second quarter.
March was the month we’ve all been waiting for! Closed sales for March were 6.5% better than March 2014 and 37.5% better than last month. The median sales price of an SFR remained at $205,000, while the average price remained relatively flat at $249,923.
Brisk March sales coupled with an overall lower inventory leaves Greater Las Vegas with only 2.8 months of SFR inventory and 3.4 months on Condo/Townhome inventory. But keep in mind that an estimated 72% of all listings are over priced. If so, then there only about 3 weeks of actual marketable SFR inventory.
Las Vegas Market Overpricing