Las Vegas February 2017 Housing Stats –
First, please click on the link Las Vegas February 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 February 2017 was $240,000. This is an 8.9% increase from February 2016. (The median sales price for a home in the Las Vegas Valley in 2016 was $233,000.)
- The number of homes sold in February 2017 was 2,249, which is an INCREASE of 6.5 % from last February.
- # of available homes listed in February 2017 was 10,725. This number is DOWN a whopping 17.5% from February 2016.
- The number of new listings that came on the market in February 2017 was 3,312, again, DOWN by 5.2% from last February.
- # of available homes listed in February without offers was 5,564, DOWN by 24.1% from last February.
- Time on market for homes sold: 0-30 days was 52%, last year at this time it was 41.9%. This is huge as we saw an increase of 10% 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.
How do we decipher all these numbers and gain some clarity on what is going on with the Las Vegas market? The long and short of it for the Las Vegas Market this month is that we have less listings, more homes have sold, and time on the market has become a little shorter. This is a very ripe time for sellers right now as prices are continuing to increase. We haven’t had the large price increases month over month that we saw in past years, but we have seen a healthy increase over the months for our market place.
When we look at the number of available listings on the market, which is down 24.1% from last year at this time and then look at the number of sold units, which is up by 6.5% from last year at this time, this is putting pressure on our pricing to go up, which it has by 8.9% compared to last year at this time. Sellers are continuing to “piggy back” on the recent sales in this type of market. 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 slow forward movement upwards.
The other numbers that we need to pay particular 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 because 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 February 2017, there was a decrease by 4.9% from January to 5,564 homes that were available without offers. This leads us into the number of homes sold for February, which was 2,249, up by 4.9% from January and last year at this time by 6.5%.
The other statistic to pay attention to is “time on the market”. The big change that we saw in February 2017 was that properties that sold within the first 30 days were up by 10% 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 February when 4.6% of all local sales were short sales, which was 6.6% last year at this time. Another 6% of all February sales were bank-owned, down from 8.6% from one year ago.
So what’s the long and short of it all for this month? We have less listings on the market; more homes are being sold in a shorter timeframe, causing another slight increase in pricing. If you are thinking of selling, this is a fantastic time to do so!!
If you would like more explanation of the the Las Vegas February 2017 Housing Stats 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.
(Click For Complete 8pg Las Vegas February 2017 Stats report)