Las Vegas March 2017 Housing Stats –
First, please click on the link Las Vegas March 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 March 2017 was $242,000. This is a 10% increase from March 2016. (The median sales price for a home in the Las Vegas Valley in 2016 was $233,000.)
- The number of homes sold in March 2017 was 3,195, which is an INCREASE of 14.8% from last March.
- # of available homes listed in March 2017 was 11,185. This number is DOWN a whopping 16.7% from March 2016.
- The number of new listings that came on the market in February 2017 was 4,237, up by 4.9% from last March.
- # of available homes listed in March without offers was 5,488, DOWN by 23.9% from last March.
- Time on market for homes sold: 0-30 days was 59.7%, last year at this time it was 49%. This is huge as we saw an increase of over 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.
The long and short of it for the Las Vegas Market this month is that it has not changed much from last month. 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, when a normal market will have a 6 month supply. The only real (small) change I noticed this month is that we had more listing come on the market, up 4.9% from last year at this time, but this is a very small change when you look at everything as a whole. 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.
When we look at the number of available listings on the market, which is down 23.9% from last year at this time and then look at the number of sold units, which is up by 14.8% from last year at this time, this is putting pressure on our pricing to go up, which it has by 10% compared to last year at this time. The Median price point $242,000. 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 seller’s 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 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 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 March 2017, there was a decrease by 23.9% from March 2016 to 5,488 homes that were available without offers. This leads us to the number of homes sold in March, which was 3,195, up by 14.8% from March of last year.
The other statistic to pay attention to is “time on the market”. The big change that we saw in March 2017 was that properties that sold within the first 30 days were up by 10.7% 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 March when 4.4% of all local sales were short sales, which was 5.9% last year at this time. Another 5.4% of all March sales were bank-owned, down from 7.1% from one year ago.
GLVAR said 29.5% of all local properties sold in March were purchased with cash, compared to 27.7% in March 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 slight 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 For Complete 8pg Las Vegas March 2017 Stats report)