The Last Property Management Pre-Licensing Class for 2018
Las Vegas Market Overview
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The Las Vegas real estate market in October rebounded a bit over September but still struggled to meet demand and make much headway. October2018 Single Family Residential (SFR) closed sales were up 10.1% from September 2018 and were down 9.7% for the same period last year. The SFR median sales price fell back to $295,000 while the SFR average closing price improved to $351,126 for a 2.7% increase from last month. Residential inventory continues to rise leaving the SFR market with 2.7 months of inventory. Unfortunately, the amount of overpriced listings is now at 59% of what is available.
October experienced even more conventional loan financing challenges at price points below $400,000. One month does not a trend make – but a quick review of the charts below highlight the difficulties in financing at these price points.
Selected Communities and Months of Inventory Trend
Communities with three (3) months or more of inventory can expect fewer multiple offers and must face the reality that buyers and sellers have parity in contract negotiations. Three to six month of inventory is considered a balanced market that does not generally favor either the buyer or seller. That could very well be the case in Seven Hills or Sun City Anthem at the moment. Basically, it’s time to stop assuming that the seller has all the negotiating advantage in this market. They may or they may not!