Vegas housing real estate market report - March 28, 2011

The median list price of a Las Vegas home is now at $129,900 and this is a slight drop from the previous week when the price was $130,000. At this time the amount of days on the market to sell a Vegas home is holding steady. Our Las Vegas homes report also states that demand for houses is increasing as Vegas home sales have been exceeding new inventory for several weeks. The Las Vegas real estate market is still very much a buyer’s market and this will not change until the excessive inventory of single family homes is consumed. However, if this current supply and demand trend continues we are likely to see the Las Vegas NV housing market move into the seller’s zone. The continued direction of this trend would also cause upward pressure on house prices.

In the last few weeks the median list price has hovered around $130,000 and this price trend seems to have paused around this plateau. Keep in mind that Las Vegas house prices are as low as they have been since the real estate market peaked in 2007 with a median list price above $350,000.

View the entire Las Vegas Homes Report for March 28, 2011.

Real Time Market Profile:

Median List Price…$129,900
Asking Price Per Square Foot…$72
Average Days on Market…163
Percent of Properties with Price Decrease…41%
Percent Relisted (reset DOM)…8%
Percent Flip (price increased)…6%
Median House Size…4,501-6,500 sqft
Number of Bedrooms…3
Number of Bathrooms…3

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Bob and Jackie Simmons
The Realty One Group

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