Overall in Las Vegas and Henderson, Nevada real estate, we are in what is considered A 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. 3 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. Homes Sold for this month has an average sales price between $100,000-$200,000 compared to last month we had an increase of sales within that price range. The fall season is approaching and it seems that the forecast would be less homes in the market however we still see sudden spikes of increased inventory of homes available. Hopefully this impact would be felt close to Winter.
The different 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, 487 homes sold with 2.64 months of inventory, at a median sales price of $193,000. Contrastingly, in Boulder City, Nevada, there were 13 homes sold with 5.77 months of inventory- the average selling price here was $256,000. High levels of home sales in the Southwest show 582 home sales at a median price of $247,500 after 3.53 months of inventory. These figures have changed over a period of time. The figures have changed increasing the DOM of homes in each region from last month’s report
Home prices are taking a pause from rising in this current Normal Seller’s Market. Even though there have been some slight variances. In a Extreme Seller’s Market, 0-3 months of inventory is the norm, with moderate appreciation. Normal Buyer’s markets see 9-12 months for inventory sales, with moderate depreciation. A balanced market generally falls somewhere in between at 6-9 months of inventory, with slight depreciation of properties.
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