Las Vegas Real Estate Market Trends |
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Las Vegas Home Sales Up Sharply in JulySales of single-family, re-sale homes were up 96.7% compared to last year. This is the fourth month in a row home sales have been up year-over-year. Year-to-date, home sales are up 20.1% over 2007.
The average price for single-family homes in Las Vegas fell 5.3% month-over-month, down 32.6% year-over-year. The median price was off 2.2% to $220,000, down 25.4% year-over-year. The median price is now down 30.2% from the high of $315,000 reached in June 2006. Remember, these are statistical prices. When the market was going up, the large number of million dollar plus sales skewed prices upward. With the large number of bank-owned properties going through the system, prices are being skewed downward, especially the median price. Inventory rose 0.1% from June, but was down 2.8% year-over-year. That, combined with the sharp increase in sales, pushed our days of inventory indicator down 44 days to 271 days. That is the lowest it has been since June 2006.
The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood, call us. Call me to find out your home's listing price and probable selling price. Call or e-mail for my 28 page Marketing Plan. I can send it to you in print, on a CD, or as an e-mail attachment. Note: it's a 4.6MB file.
See the tables and charts below for full details. If we can help you devise a strategy, call or click buyer or seller. Recent TrendsThe following tables and graphs provide an overview of sales trends since the beginning of the year. Notice the three-month moving average in the graphs. We use this to smooth out month-to-month fluctuations while still showing seasonal variations.
NOTES:
Condo charts and tables are on the next page. The Las Vegas Real Estate Report is updated monthly. For a free subscription, press the subscribe button to the right. You only need to press it once. Depending upon your e-mail software, you may not notice anything happening. Your software will send an e-mail to me asking to be subscribed. For information on a specific neighborhood, country club or new home development, give Edd a call at 702.525.1888, or send an e-mail by clicking here. |
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The Las Vegas Real Estate Report is sponsored by:Edd Ahrens published by:Information Designs |