There are presently 5,943 properties listed for sale, inside the valley, with 5,656 properties in escrow and with 543 of those being short sales.
4,147 properties closed escrow over the last 30 days. That is roughly a 1 1/2 months inventory at the present rate of sale. The National Association regards a 5 to 6 month supply of inventory as about standard. The present inventories versus that rate of sale speaks for itself.
Foreclosure inventories are very low with only 53 currently on the market. There are presently 70 short sales on the market. Around 2% of listed properties are distressed sales. This has been a shrinking figure and probably to be expected given the price increases of the last few years. Strong sales demand and shrinking inventory characterizes the present market. That, I think, is not just a local phenomena.
Below represents my own calculations, based on raw data provided by the greater Las Vegas Association of Realtors. Prices are for free standing homes only:
June 2006 median home sale price (resale) $319,000 Median list price on these homes was $324,000.
July 2006 median home sale price (resale) $316,000 Median list price on these homes was $326,000.
August 2006 median home sale price (resale) $310,000 Median list price on these homes was $315,000.
September 2006 median home sale price (resale) $313,000 Median list price on these homes was $319,000.
October median 2006 home sale price (resale) $308,000 Median list price on these homes was $311,000.
November 2006 median home sale price (resale $306,000 Median list price on these homes was $310,000.
December 2006 median home sale price (resale) $305,000 Median list price on these homes was $310,000
January 2007 median home sale price ( resale) $309,000 Median list price on these homes was $312,000.
February 2007 median homes sale price (resale) $305,000 Median list price on these homes was $310,000.
April 2007 median homes sale price (resale) $304,000 Median list price on these homes was $310,000.
May 2007 median homes sale price (resale) $300,000 Median list price on these homes was $308,000.
July 2007 median home sale price (resale) $297,000 Median list price on these homes was $305,000.
September 2007 median sale price (resale) $295,000 Median list price on these homes was $300,000
October 2007 median sale price (resale) $283,000 Median list price on these homes was $290,000.
November 2007 median sale price (resale) $274,000 Median list price on these homes was $282,000.
December 2007 median sale price (resale) $263,000 Median list price on these homes was $270,000.
January 2008 median sale price (resale) $248,000 Median list price on these homes was $255,000.
February 2008 median sale price (resale) $243,000 Median list price on these homes was $248,000.
April 2008 median sale price (resale) $237,000 Median list price on these homes was $243,000.
May 2008 median sale price (resale) $235,000 Median list price on these homes was $ 239,000.
June 2008 median sale price (resale) $224,000 Median list price was $224,000.
July 2008 median sale price (resale) $216,000. Median list price was $215,000.
September 2008 median sale price (resale) $202,000. Median list price was $199,000
October 2008 median sale price (resale) $191,000. Median list price was $ $190,000.
November 2008 median sale price (resale) $180,000. Median list price was $180,000.
January 2009 median sale price (resale) $165,000. Median list price was $167,000.
February 2009 median sale price (resale) $153,000. Median list price was $155,000. .
March 2009 median sale price (resale) $144,000. Median list price was $146.000.
April 2009 median sale price (resale) $141,000. Median list price was $143,000.
June 2009 median sale price (resale) $139,000. Median list price was $140,000.
July 2009 median sale price (resale) $137,000. Median list price was $137,000.
August 2009 median sale price (resale) $135,000. Median list price was $135,000.
September 2009 median sale price (resale) $139,000. Median list price was $137,000.
October 2009 median sale price (resale) $141,000. Median list price was $139,000.
November 2009 median sale price (resale) $139,000. Median list price was $139,000.
January 2010 median sale price (resale) $136,000. Median list price was $134,000.
March 2010 median sale price (resale) $135,000. Median list price was $136,000.
April 2010 median sale price (resale) 143,000. Median list price was $144,000.
May 2010 median sale price (resale) $142,000. Median list price was $143,000.
June 2010 median sales price (resale) $138,000. Median list price was $139,000.
July 2010 median sales price (resale) $135,000. Median list price was $137,000.
September 2010 median sales price (resale) $135,000. Median list price was $139,000.
October 2010 median sales price (resale) $132,000. Median list price was $135,000.
November 2010 median sales price (resale) was $134,000. Median list price was $136,000.
December 2010 median sales price (resale) was $130,000. Median list price was $136,000.
February 2011 median sales price (resale) was $129,000. Median list price was $130,000.
March 2011 median sales price (resale) was $125,000. Median list price was $128,000.
April 2011 median sales price (resale) was $125,000. Median list price was $129,000.
May 2011 median sales price (resale) was $126,000. Median list price was $129,000.
July 2011 median sales price (resale) was $122,000. Median list price was $125.000.
August 2011 median sales price (resale) was $120,000. Median list price was $122,000.
September 2011 median sales price (resale) was $123,000. Median list price was $124,000.
December 2011 median sales price ( resale) was $119,000. Median list price was $121,000.
February 2012 median sales price (resale) was $120,000. Median list price was $120,000.
March 2012 median sales price (resale) was $120,000. The median list price was $125,000.
April 2012 median sales price (resale) was $128,000. The median list price was $129,000.
May 2012 median sales price (resale) was $130,000. The median list price was $130,000.
June 2012 median sales price (resale) was $132,000. The median list price was $134,000.
August 2012 median sales price (resale) was $139,000. The median list price was $139,000.
September 2012 median sales price (resale) was $140,000. The median list price was$140,000.
October 2012 median sales price (resale) was $140,000. The median list price was $140,000.
November 2012 median sales price (resale) was $149,000. The median list price was $149,000
December 2012 median sales price (resale) was $149,000. The median list price was $148,000.
January 2013 median sales price (resale) was $149,000. The median list price was $149,000.
February 2013 median sales price (resale) was $155,000. The median list price was $154,000.
March 2013 median sales price (resale) was $164,000. The median list price was $160,000.
April 2013 median sale price (resale) was $167.000. The median list price was $163,000.
June 2013 sales price (resale) was $175,000. The median list price was $172,000.
July 2013 sales price (resale) was $178,000. The median list price was $175,000.
August 2013 sales price (resale) was $183,000. The median list price was $180,000.
September 2013 sales price (resale) was $186,000. The median list price was $188,000.
November 2013 sales price (resale) was $184,000. The median list price was $184,000.
December 2013 sales price (resale) was $184,000. The median list price was $185,000.
January 2014 sales price (resale) was $185,000. The median list price was $186,000.
February 2014 sales price (resale) was $190,000. The median list price was $195,000.
March 2014 median sales price (resale) was $195,000. The median list price was $199,000.
April 2014 median sales price (resale) was $193,250. Median list price was $195,000.
May 2014 median sales price (resale) was $196,000. Median list price was $199,000.
June 2014 median sales price (resale) was $200,000. Median list price was $200,000.
July 2014 median sales price (resale) was $203,000 Median list price was $206,000
August 2014 median sales price (resale) was $201,000 Median list price was $201,000.
September 2014 median sales price (resale) was $205,000. Median list price was $207,000.
October 2014 median sales price (resale) was $200,000. Median list price was $200,000.
November 2014 median sales price (resale) was $203,000. The median list price was $206,000.
December 2014 median sales price (resale) was $205,000. The median list price was $209,000.
January 2015 median sales price (resale) was $200,000. The median list price was $205,000.
February 2015 median sales price (resale) was $208,000. The median list price was $210,000.
March 2015 median sales price (resale) was $205,000. The median list price was $210,000.
April 2015 median sales price (resale) was $213,000. The median list price was $218,000.
May 2015 median sales price (resale) was $211,000. The median list price was $215,000
June 2015 median sales price (resale) was $220,000. The median list price was $223,500.
July 2015 median sales price (resale) was $218,000. The median list price was $220,000.
August 2015 median sales price (resale) was $220,000. The median list price was $224,900.
September 2015 median sales price (resale) was $220,000. The median list price was $225,000.
October 2015 median sales price (resale) was $220,000. The median list price was $225,000.
November 2015 median sales price (resale) was $220,000. The median list price was $225,000.
December 2015 median sales price (resale) was $232,000. The median list price was $238,000.
January 2016 median sales price (resale) was $219,900. The median list price was $223,600.
February 2016 median sales price (resale) was $223,000. The median list price was $225,000.
April 2016 median sales price (resale) was $222,000. The median list price was $225,000.
June 2016 median sales price (resale) was $235,000. The median list price was $240,000.
July 2016 median sales price (resale) was $237,000. The median list price was $240,000.
August 2016 median sales price (resale) was $235,000. The median list price was $239,900.
September 2016 median sales price (resale) was $234,000. The median list price was $238,000.
October 2016 median sales price (resale) was $234,000. The median list price was $237,800
November 2016 median sales price (resale) was $240,000. The median list price was $242,000.
December 2016 median sales price (resale) was $235,000. The median list price was $239,000.
January 2017 median sales price (resale) was $239,000. The median list price was $240,000.
February 2017 median sales price (resale) was $240,000. The median list price was $245,000.
March 2017 median sales price (resale) was $235,000. The median list price was $240,000.
April 2017 median sales price (resale) was $249,000. The median list price was $250,000.
May 2017 median sales price (resale) was $250,000. The median list price was $255,000.
June 2017 median sales price (resale) was $260,000. The median list price was $260.000.
July 2017 median sales price (resale) was $260,000. The median list price was $263,000.
August 2017 median sales price (resale) was $262,000. The median list price was $265,000.
September 2017 median sales price (resale) was $265,000. The median list price was $266,000.
October 2017 median sales price (resale) was $265,000. The median list price was $269,000.
November 2017 median sales price (resale) was $262,000. The median list price was $265,000.
December 2017 median sales price (resale) was $270,000. The median list price was $272,000.
January 2018 median sales price (resale) was $265,000. The median list price was 270,000.
February 2018 median sales price (resale) was $275,000. The median list price was $279,000.
March 2018 median sales price (resale) was $280,000. The median list price was $280,000.
April 2018 median sales price (resale) was $290,000. The median list price was $290,000.
May 2018 median sale price (resale) was $295,000. The median list price was $299,000.
June 2018 median sales price (resale) was $293,000. The median list price was $295,000.
Prices are now just a little less than September 2007 and show a 12,7% increase over the last 12 months. The raw data for this calculation is courtesy of the Greater Las Vegas Association of Realtors. What is important here is that historically, the Las Vegas area has shown around a 5% yearly increase in value. We have been roughly doubling that rate of increase over the last 20 months or so.
Snapshot of the market as of July 8, 2018 shows 4,481 free standing homes on the market. May 2009 the figure was 13,346. The rate of sales has increased substantially over the last couple of years with the inventory shrinking considerably.
New construction – There are now around 300 active subdivisions. Sounds like a lot, but in 2005-2006 there were around 1,200. New homes are now approximately 25% of the market. New home sales have increased approximately 36% over 2016. A few years ago new homes sold at about the same rate as re-sales. 40% of all listed properties are represented as vacant (note that historically, this figure has been in the 41% range for the last number of years). Just over 17% are tenant occupied.
Written and Updated by: Millie Fine, Elite Realty
Copyright © 2018 Advanced Realty Group, LLC.
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