Market Trends

Las Vegas Home Sales Up Sharply in July

Sales 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.

Real Estate Trends

(Single-family Homes)

Jul 08

Jun 08

Jul 07

Home Sales:

2,592

2,226

1,318

Median Price:

$220,000

$225,000

$295,000

Average Price:

$254,521

$268,626

$428,817

Sale/List Price Ratio:

97.4%

96.7%

97.9%

Days on Market:

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 Trends

The 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.

Sales Statistics

(single family homes)

Median¹

Average²

Unit

DOM³

SP/LP⁴

Price

Sales

Jan 07

$302,000

$372,046

1,397

97.8%

February

$310,000

$381,676

1,407

97.8%

March

$305,000

$376,846

1,605

97.3%

April

$305,000

$389,626

1,381

96.9%

May

$301,352

$398,258

1,568

96.9%

June

$305,000

$428,817

1,476

97.9%

July

$295,000

$377,861

1,318

96.0%

August

$299,900

$382,671

1,316

95.9%

September

$285,750

$352,137

990

95.6%

October

$274,275

$374,625

974

94.8%

November

$273,500

$353,413

968

95.0%

December

$260,000

$319,055

879

95.5%

Jan 08

$249,900

$307,739

983

94.1%

February

$246,500

$297,597

1,098

95.1%

March

$243,169

$305,155

1,478

95.0%

April

$235,875

$284,299

1,794

96.3%

May

$236,692

$284,744

2,026

96.7%

June

$225,000

$268,626

2,226

97.4%

July

$220,000

$254,521

2,592

NOTES:

Median Price - that price at which half the homes sold were above and half the homes sold were below
Average Price - that price resulting from adding up all the sales prices then dividing by the number of homes sold
DOM - Days on Market, how many days it took to sell the home
SP/LP - Selling price to listing price ratio

Condo charts and tables are on the next page.

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Las Vegas Real Estate Market Trends

Las Vegas Home Sales Up Sharply in July

Recent Trends

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