Las Vegas Oct 2016 Stats –
I have read several articles in the various publications that say we may be in a “bubble”. Before anyone panics about this, we need to always go back to the numbers and take a look at what the numbers are indicating. We also need to remember that Las Vegas is a “World Wide” destination, not just a US destination place, which, in my opinion, makes a difference when people start talking about “bubbles” and what is possibly trending across all of the US. Currently, our market is relatively stable and the Las Vegas Oct 2016 Stats indicate as we have not had any major fluctuations over the last several months.
The Las Vegas October 2016 numbers in a nutshell:
- Median Price point for Homes – $233,250
- New Listings on the market – 3,347
- Pending Sales – 3,099
- Closed Sales – 2,545
- Days on the Market – 46
- Months supply of Inventory – 2.8
A slight change that we do see from last month was the number of new listings that came on the market dropped slightly while at the same time the number of pending sales rose. In addition, the days on the market fell to 46 days on the market. All great indicators for people that are thinking of selling their home. As we move into the Holiday Season, this also has an effect on the number of properties that come on the market. If you are thinking of putting your home on the market and are going to wait until after the Holidays, please don’t hesitate to call me and we can discuss the advantages of why people actually do put their property on the market during the Holidays!
(Click For Complete 14pg Oct report)
Leaders of the Greater Las Vegas Association of Relators and the UNLV’s Lied Institute for Real Estate Studies aren’t buying into recent news reports wondering if the housing market could be headed for another bubble. Here is a recent article that talks about that discussion: Not buying the Bubble Talk, GLVAR Leaders Say So. NV Housing Market is Increasingly Stable.