Market values improved slightly as buyer confidence and demand continue to be strong in the Greater Las Vegas market. Inventory availability is also up with the SFR inventory hanging around 2.8 months of available inventory. Over pricing continues to decrease somewhat as both sellers and listing agents begin to deal with the over pricing reality. Those who believe that exiting listings create valid comparable market pricing are finally beginning to understand that only Sold comps are in alignment with market values.
August SFR closings were down 9.8% over July but nearly 12% higher than August 2014. The median sales price of an SFR improved to $220,000, while the average price inched up to $262,215 for a 1.4% increase over last month. This is the new “normal” for the Greater Las Vegas market. It’s slow, steady, but not sexy growth. That’s just fine! Embrace the sanity that comes with this market and let’s just hope it continues in this relatively boring manner for several more years!
Here is a look at inventory, sales, and months supply by geographic area for August 2015 and how is compares to August 2014.