Some analysts have set the peak time for selling a house in the first half of May. If you bet that Las Vegas follows the national pattern, you're wrong. It's true that home sales are better in spring after a few months of winter hibernation. The best month to sell a home quickly in Nevada is May.
The average time it takes for Nevada homes listed in May to sell is 23 days, 8 days faster than the annual average. For sellers, it's a good time to sell. Motivated buyers are looking for homes for sale and you're not competing with so many homeowners. Many sellers have chosen to turn back in the midst of this pandemic.
As more and more buyers enter the market, prices will increase due to a shortage of supply. As it turns out, the data shows that the best time to sell a home is in spring, in most places, or early summer. However, in the city of Las Vegas, Nevada specifically, if you want to get the most money from the sale of your home, November is the most promising month. This may be due to the fact that when most of the country begins to experience a colder climate and prepares for winter, Nevada still has relatively mild conditions.
November shows data showing that homeowners saw an increase of more than 7 and a half percent of the annual average in Nevada home sales in that month. Let's say you bought your investment property in the '70s or '80s, for example. It would have been cheaper then and would probably have steadily gained in value over the years. Now may be a good time to withdraw money and invest the money in another property or other product that continues to increase the value of your money.
If you're thinking about selling your house in Las Vegas, now is a good time to post. In June, 88.6% of all single-family homes sold were on the market for 30 days or less, compared to 86.9% in May. Similarly, 85.7% of all condo and townhome units in Las Vegas were on the market for 30 days or less. At the other end of the spectrum, buyers who are urgently looking for homes during the holiday season are likely to see real estate inventory being quite low, so they'll be eager to reach a deal, even if prices are a little high.
That's why winter and summer are the best time of year to list your home for sale. 711 condominium and townhome units were sold in January and, by the end of the month, 322 units were available, with 0.5 months of inventory on the market. Las Vegas has experienced several booms in its history and experienced an incredible housing crash during the Great Recession. 933 condominium and townhome units were sold in March and, by the end of the month, there were 394 units available, with 0.4 months of inventory on the market.
Leaving this crisis aside for a moment, the real estate market in this region offers an excellent opportunity for investors. While owners of investment properties in Las Vegas will have to pay their mortgage if they don't pay cash for the property and ongoing expenses, such as maintenance and insurance, Nevada offers very low taxes. As a result of the influx of businesses and jobs in northern Nevada, strong demand for housing continues to put pressure on available supply. The Las Vegas recovery hasn't made the same headlines as the 50% or more drop in home values a decade ago.
The domestic real estate market has already recovered faster than expected due to damage caused by the COVID-19 pandemic. 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. Real estate prices have continued to rise in Las Vegas, interest rates remain low and there is a shortage of inventory, making it unlikely that the Las Vegas real estate market will crash in the near future. List your house on a Thursday to increase the chances of it selling faster and for more money.
As in September, there were 1.1 months of inventory in the market by the end of October, however, there was a slight decrease in the total number of units available, which reached 3,287 compared to 3,463 last month. If you need help selling your home in Las Vegas or the Henderson area, call or text (70) 357-3354 to receive a free home value analysis. The average apartment size in Las Vegas is 893 square feet, with studio apartments being the smallest and most affordable, one-bedroom apartments are closer to the average, while 2- and 3-bedroom apartments offer more generous square footage. .