Las Vegas realtors say the real estate market is strong despite the increase in fewer homes being sold even though there are more homes on the market, according to Las Vegas realtors in their latest real estate report. LVR reported that 3,758 existing local homes, condominiums and townhomes were sold in May. Sales fell by 8.8% for homes and 6.6% for condominiums and townhomes compared to a year ago. It's a seller's market in Las Vegas, because at the time of writing this article there is less than 1 month of inventory in the market.
To be considered a buyer's market, it would take more than 6 months of inventory in the market. We've already analyzed historical and current trends in the Las Vegas real estate market to get answers on why to invest resources in this market. Just because you see something as an improvement doesn't mean a potential buyer will feel the same way. The first half of the previous year saw a huge increase in demand for housing in Las Vegas, Nevada.
Its friendly business environment is underpinning the economy and helping to drive positive trends in the Las Vegas real estate market. She later became a reporter for Channel 8, working with Las Vegas television news legends Bob Stoldal and the late Ned Day. Home prices continued to rise during April in the Las Vegas housing market, and the median price of single-family homes rose to another all-time high. The report by Las Vegas realtors shows that house prices in the valley continue to rise, setting a new all-time high.
When people lose their jobs in large numbers, home prices plummet as they did in Las Vegas about a decade ago. Las Vegas is still a seller's market, as 6 months of inventory suggests a balanced market. The Las Vegas metropolitan area encompasses nearly 8,000 square miles, five cities, including Henderson and Summerlin South, and is proud of its business-friendly government and the lack of a state sales tax. Inflation, higher interest rates and economic uncertainty are slowing the market across the country, according to experts who say that people who have money keep it, while those with fewer resources can no longer afford housing.
Buyers have flooded properties with offers, inventory is limited, and builders have raised prices and regularly put buyers on waiting lists. In April, 3,528 single-family homes were sold, with 1,827 units available by the end of the month, just 0.5 months of inventory in the market. Southern Nevada's real estate market has been seeing record prices and rapid sales as buyers flood the Las Vegas real estate market. Buyers continue to face bidding wars to get the home they want, and sellers continue to face multiple supply situations with homes that sell out very quickly.