Greater Las Vegas Real Estate Market Overview
September 2017 Single Family Residential (SFR) closed sales were down 12% from August and flat compared to September 2016. Year to date 2017 closed sales are still up 9% over 2016. The median closed sales price of a SFR improved to $265,000 while the average closed sales price of an SFR jumped to $309,227 for a nearly 5% increase. Residential resale activity continues to be brisk – leaving us with approximately 1.8 months of inventory. Moreover, some communities had strong closings despite the overall market decline – as can be seen from the chart below. Year-to-Date luxury sales closings are on the verge of surpassing both 2013 and 2015 results.
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It’s Open House Weather!
Available inventory declined a bit more this past month. My strong recommendation is to take advantage of the fall weather and the increase in new home inventory. Simply find an open house near one or more new home communities so that you have inventory options for your buyers. Also, take the time to get to know those new home communities, their offerings and the tract agents. They often have standing inventory with incentives that may not be advertised.