Overall in Las Vegas and Henderson, Nevada real estate, we are in what is considered an extreme seller’s market. While the real estate climate can fluctuate and change with financial and statistical trends, Las Vegas has seen a great amount of growth. 1.1 months of inventory exhibits the seller’s market data, even though the market can be different based on demand and the quantity of homes for sale in each price range.
Various regions in Las Vegas sell at varying speeds- some of these statistics can impact the value of homes for sale in Las Vegas and Henderson, Nevada. In North Las Vegas, 589 homes sold with 0.93 months of inventory, at a median sale price of $149,000. Contrastingly, homes in Boulder City, Nevada saw 43 listings sold after 1.87 months of inventory- average selling price here was $215,000. High levels of home sales in the Southeast show 7322 home sales at a median price of $200,000 after 1.16 months of inventory. These figures have drastically increased over just one period of time. Adding as much as twice the amount of active listings to the real estate pool, and cutting off months of time for inventory, the climate for home sales in the Las Vegas and Henderson, Nevada area is on the rise. Home sales have also raised by at least $20,000 in some cases.
Buyers and sellers markets vary, and inventory and depreciation and appreciation is effected, consequently. In an extreme seller’s market, 0-3 months of inventory is the norm, with very high appreciation. Extreme buyer’s markets see 12 months or more for inventory sales, with high depreciation. A balanced market generally falls somewhere in between at 6-9 months of inventory, with slight depreciation of properties.
In the current extreme seller’s market climate, zip codes in and around the Las Vegas area can give an indication to what areas are experiencing the most home sales. 89052 (Henderson, NV) has seen high numbers of home sales in May 2013, at 116 sold at a median price of $292,300. 89178 (near Enterprise, NV) came in slightly below at on average 90 home sales for 0.70 months of inventory. Prices in this area mark at $184,950. On the flip side of the scale, the 89005 zip code (Boulder City, NV) showed 23 homes sold after 1.87 months of inventory, making this area one of the most improved sections of the Las Vegas valley for homes sales in the current quarter. Overall, home sales are up significantly quarter-over-quarter from just a few months ago.
