Las Vegas home prices continue to rise according to The Las Vegas Association of Realtors and a Fox 5 Las Vegas news report. According to the article and the association, buying a home right now means paying at least $330,000.00 as the median sales price once again sets a new record. Last month, prices were around $315,000.00 as the median sales price. Now with higher demand, low interest rates and a shrinking inventory, buyers are paying top dollar. We are now in a full out sellers market.
Current Inventory Levels:
Inventory levels have now dropped to a low 2.5 month supply for 2.5 million Clark County residents. The numbers are not good if you are in the market to buy a new home. I usually do not want to put addidtional pressure on my buyers but, if you find something you like, you need to act on it. Las Vegas home prices continue to rise due to demand. It’s really that simple. Will we see home prices double? I doubt that. I think at some point next year we may see things cool down some what. Demand from out of state buyers is fueling this craze. I am seeing a lot of California buyers and east coast buyers as well.
Active Inventory Numbers:
Currently, there are only 8,390 units of homes, town homes and condos for sale in Clark County. These numbers continue to get lower as demand over the summer time surges. Summer months are usually the most active in Las Vegas real estate. New home construction is also seeing a huge demand coming from buyers. The average wait time to build an new home from dirt is usually 6-8 months depending on the building and their work force. There is also a huge labor shortage right now in the construction industry in Las Vegas. All of these factors will come into play as demand continues to surge.
In closing, Las Vegas home prices continue to rise due to demand. If you are in the market to buy a new home or sell your current home to cash out your current equity, now is the time to call me. Let’s chat about the market and what your real estate goals are.