Las Vegas May 2017 Housing Stats –
First, please click on the link Las Vegas May 2017 Housing Stats for the full report so you have a visual to follow along with. I will be on the first page of the report.
- The median price point for sold homes in May 2017 was $250,000. This is a 9.1% increase from May (The median sales price for a home in the Las Vegas Valley in 2016 was $233,000.)
- The number of homes sold in May 2017 was 3,517, which is an INCREASE of 29.9% from last May.
- # of available homes listed in May 2017 was 10,893. This number is DOWN a staggering 23.4% from May 2016.
- The number of new listings that came on the market in May 2017 was 3,937, down by 2% from last May.
- # of available homes listed in May without offers was 4,972, DOWN by 34.8% from last May.
- Time on market for homes sold: 0-30 days was 66%, last year at this time it was 54.2%. This is huge as we saw an increase of over 11% from last year of homes being sold within the first 30 days of being on the market. Time on market for homes sold: 31-121+ days are provided on the spreadsheet.
The long and short for the Las Vegas Market this month is that it has not changed much over the several months. We have a tight supply of listings, more homes have sold, and time on the market has become a little shorter. Currently, we have about a 3 month supply of homes on the market(Maybe less from what some analysts think), when a normal market will have a 6 month supply. One of the important change from all this data is to notice that our median price point is continuing to creep up ($250,000) from last month and up 9.1% from last year at this time. This is still a very ripe time for sellers right now as price are continuing to increase. We haven’t had the large price increases month over month that we saw in past years, but a healthy increase over the months for our marketplace.
Looking at the number of available listings on the market, which is down 34.8% from last year at this time and then look at the number of sold units, which is up by 29.9% from last year at this time, this is putting pressure on our pricing to go up, which it has by 9.1% compared to last year at this time. The Median price point is $250,000. Sellers are continuing to “piggy back” on the recent sales. Please take this with a grain of salt as I don’t mean sellers can get crazy with their pricing as that would be unrealistic, but we are seeing a forward movement upwards.
The other numbers that we need to pay particularly close attention to, especially if you are a seller, are the number of available units listed without offers. The reason a seller needs to keep close tabs on the number of available units is that is going to be your competition once a seller lists their property. This is a general overview of the entire Las Vegas Market; however, I normally see the trends pretty much stay the same when we get into a specific part of town or subdivision. For May 2017, there was a decrease by 34.8% from May 2016 to 4,972 homes that were available without offers. This leads us to the number of homes sold in May, which was 3,517, up by 29.9% from May of last year.
The other statistic to pay attention to is “time on the market”. The big change that we saw in May 2017 was that properties that sold within the first 30 days were at 66%, which is an increase of over 11% when compared to last year at this time.
In recent years, GLVAR (Greater Las Vegas Association of Realtors) has been reporting fewer distressed sales and more traditional home sales, where lenders are not controlling the transaction. That trend continued in May when 3.1% of all local sales were short sales, which was 4.5% last year at this time. Another 3.7% of all May sales were bank-owned, down from 6.1% from one year ago.
GLVAR said 26.9% of all local properties sold in March were purchased with cash, compared to 28.2% in May 2016. That’s well short of the February 2013 peak of 59.5%, indicating that cash buyers and investors are still more active in Southern Nevada than in most markets, but that their influence has generally been declining.
We have a tight supply of listing on the market; more homes are being sold, causing another increase in pricing. In addition to the potential excitement of the Las Vegas Raiders coming to Las Vegas. If you are thinking of selling, this is a fantastic time to do so!!
If you would like more explanation with this report or specific data within the area you live in, please reach out to me at 702-427-9444 and I would be glad to answer any questions that you may have.
Or visit www.LasVegasHomeValues.vegas to get a general idea of what your home value is.
(Click here for complete 8 Page May 2017 Las Vegas Stats Report)