Trends in Las Vegas Real Estate
While some experts are suggesting that real estate prices may peak in late summer or early fall, buyers are still finding a limited number of properties on the market. Let’s take a closer look to determine what statistics suggest about the Las Vegas and Henderson, Nevada, and throughout Las Vegas and Clark County.
Las Vegas Real Estate
If you use the average selling price in Las Vegas, then the price of a single-family home has raised by 17 percent from May 2017 to May 2018. At the end of 2017, the average selling price for a single-family house in Las Vegas was $297,290. In order to get an accurate picture, the top price and bottom price are eliminated in order to arrive at the average.
A look at historical average prices shows that the price went up an average of 10 percent during 2017 rising from $267,647 at the end of 2016. This continues a trend where the average selling price of a single-family home was $255,105 in 2015, $237,430 in 2014 and 214,120. Therefore, average prices of a single-family home have raised 28 percent in the last five years.
Housing Supply in Las Vegas
According to the Greater Las Vegas Association of REALTORS, at the end of May, there was a 1.5 month supply of townhomes, single-family homes and condominiums, on the market. May was a busy month with 3,890 units selling. A month earlier, 3,571 units sold representing an increase of 8.2 percent.
Closing Price in Las Vegas
The average closing price in Las Vegas is 99.3 percent of its listing price, which is another strong indication that Las Vegas is currently experiencing a strong seller’s market. Not only did the total number of units selling increase during May, but the value of the average sale increased. In May, the average selling price was $295,000 compared to $289,000 in April. While this represents only a small increase of 2.1 percent, it shows that the trend of prices increasing still continuing.
Single-family Homes by Type
The last month where single-family dwellings are broken down by type available is from January 2018. During that month, a total of 2,187 buyers welcomed the new year in by closing on a home. Of those, 80 percent or 1,719 units were single-family residences, 11.6 percent or 254 units were condominiums, 7.54 percent or 165 units were townhouses and the remaining were manufactured housing.
Average Days on Market in Las Vegas
The average days on market fell to 40 days during 2017. This is the lowest that has been seen during the last five years, and it seems to be a trend that is continuing in 2018. During the last five years, the average days on market shot up in 2014, but it has continued to fall ever since.
Number of Listings in Las Vegas
When 2018 rolled in, there was only 5,896 listings on the market in Las Vegas. This was a year-over-year decrease of 31 percent decrease over the start of 2017. Looking back further, we find:
10,186 homes available at the start of 2016
11,179 homes available at the start of 2015
11,469 homes available at the start of 2014
10,439 homes available at the start of 2013
The number of available listings has continued to fall since August 2016, except for a minor bounce in June 2017.
Number of Listings
United States Real Estate Trends
Looking across the United States, the housing market is stable in the southern part of the United States while it is considered weak in the northern half. Only Nevada, Utah, North Dakota, Maryland and Rhode Island is considered to have a very strong housing market. In fact, according to the National Association of REALTORS® (NAR) Confidence Report published in December 2017, Utah and Nevada have the strongest housing market in the United States, and they are predicted to have the largest increase in house values before the end of the year.
Clark County Real Estate
Those individuals who are considering buying or selling property in Clark County find very similar trends. At the end of 2017, the average single-family home in Clark County sold for $256,000 compared to $$267,647 within the city limits of Las Vegas. Historically, prices climbed:
Percent Increase year-over-year
Median Sale Price
Henderson and North Las Vegas Real Estate
It should come as a surprise to no one that Henderson, Nevada, real estate prices still top the market. In 2017, the median selling price in Henderson was $305,000. This represents an increase of 7.39 percent increase over 2016. Likewise, real estate prices continue to climb in North Las Vegas where they finished 2017 with a median selling price of $236,000 compared to $216,000 a year earlier.
By Shad Zaman – Las Vegas Real Estate Agent