Las Vegas home sales are exceeding new inventory as the median list price of Vegas houses for sale dipped. The median list price of a house in Vegas is now $129,999. While demand for Las Vegas NV real estate is increasing, the days on the market of single family homes for sale is holding steady. Conditions are said to be mildly positive as more real estate listings enter the housing market.
View the complete Las Vegas Homes Report for March 14, 2011.
For anyone looking to buy a house in Las Vegas this is still considered a buyer’s market as home prices are not moving higher yet. When the excess inventory of homes for sale are consumed we will likely to see an upward pressure of home prices.
The price trends of Las Vegas homes are currently are as low as they have been in many years. The Las Vegas real estate market saw a median list price of Las Vegas houses above the $350,000 mark in January 2007.
Real Time Market Profile:
The median asking price per sq.ft. for a Vegas home for sale is $72. The average days on the market to sell a house in Las Vegas is 162 days. 41% of the homes for sale are taking a price reduction. 8% of the single family homes for sale are relisted because the house did not sell during the previous listing period. 6% of the homes go back on the market with a price increase. Why? This is generally because an investor purchased the property with the intent of “flipping” the home for a profit. The median house size is 1,802 sq.ft. The median lot size is 4,501 – 6,500 sq.ft. This median house has 3 bedrooms and 3 bathrooms.
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Bob and Jackie Simmons
The Realty One Group