It is equivalent to an average annual home appreciation rate of 12.88%. Las Vegas is a real estate market for sellers, which means that prices tend to be higher and homes sell faster. 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.
Fewer homes are 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. Las Vegas remains a strong seller's market, with 0.6 months of inventory in the market until the end of March, representing a decrease of 11.5% compared to February.
While there's a slight increase in inventory, it's still tight and Las Vegas is still a strong seller's market, considering that 6 months of inventory suggests a balanced market. Currently in the Las Vegas real estate market, prices continue to rise and inventory continues to decline. The good cash flow of investment properties in Las Vegas means that the investment is, needless to say, profitable. Las Vegas is a destination for millions of visitors, the city is famous for its vibrant nightlife, exciting gambling and the natural charm of the beautiful desert that surrounds the greater metropolitan area.
To quantify unemployment numbers, the Las Vegas area lost more than 200,000 jobs from March to April. Let's learn more about Las Vegas and find out why you should invest in this strong real estate market. Although these effects on the Las Vegas real estate market are considered to be short-term, what the potential long-term impact could be has not yet been predicted. Leaving aside the short-term impact of the ongoing pandemic, let's take a look at the number of positive things that are happening in the Las Vegas real estate market that can help investors who want to buy investment property in this city.
Therefore, as Las Vegas businesses open at full capacity, their real estate market will continue to boom with growing demand. These conditions allowed city developers to attract companies of all kinds to choose Las Vegas instead of California. Despite a slight increase in inventory from last month, Las Vegas is still a fast-growing home seller's market. Considering that 6 months of inventory suggests a balanced market, Las Vegas is still a seller's market.
According to last year's Las Vegas city records, the one-story project will cover more than 21,000 square feet and will be located on a 5-acre lot.