March 2016 Las Vegas Real Estate Market Report

Las Vegas Housing Supply

Although there are signs of positive growth in some areas, local housing supply is still under strain with less than a four-month inventory of homes available for sale, as opposed to the healthy 6-month supply the industry prefers. The total number of single-family homes listed on GLVAR’s MLS in February totaled 12,994, down 1.5 percent from last year. Also down 2.2 percent from a year ago are the 3,481 condos in Las Vegas, high-rise condos in Las Vegas, and townhomes in Las Vegas (along with North Las Vegas, Henderson, and Mesquite.

By February’s end, according to the GLVAR report, 7,328 single-family homes were listed without offers, up 0.2 percent from last year. Townhomes and condos reportedly had 2,267 properties listed without offers in February, showing a 6.5 percent decrease from 2015.

Distressed Properties

On the positive side, the numbers in distressed sales in the Las Vegas Area are decreasing, and the numbers of traditional home sales were increasing, in cases where lenders were not controlling the transaction. 6.6 percent of all local sales in February were short sales, situations where lenders permit borrowers to sell a property for less than what is owed, which is down 9.3 percent of all sales last year. Additionally, 8.5 percent of February sales were bank-owned, a decrease of 9.7 percent from February of 2015.

Las Vegas Short Sales

Short sale single-family homes sold in February showed a median price of $190,000, an increase from last year’s $165,000. Bank-owned homes sold in February revealed median prices of $166,450, an increase from last year’s $159,250.

Short sales may continue to play a role in 2016 due to political movements, and fewer homes are being purchased with cash this year, indicating a waning influence in cash buyers and investors, although they are still active in Southern Nevada.

New Homes in Las Vegas

Las Vegas Construction is booming and builders city wide are taking advantage of this real estate space. New construction in Mountains Edge, Summerlin, and Skye Canyon is abundant.

At the time of this article, there were over 400 new homes listed in the MLS. Oh by the way, did you know you can have buyer representation even when you buy a new home in Las Vegas? Even better news is that generally the seller pays the agents fees. Using a buyers agent should cost you nothing extra. You must take your agent with you the first time you visit a new home division. Call us 1-800-805-8354. You deserve your own agent.

Market Outlook

So while there may still be a squeeze on inventory, and homes may be staying for longer tenures on the market with fewer cash buyers, real estate trends in Las Vegas, by and large, are poised optimistically for growth this spring.

Are you looking to buy or sell sell a home in Las Vegas? Call 1-800-805-8354

img src="http://ballenvegas.com/wp-content/uploads/2014/05/Lori-Ballen-Yard-Sign.jpg" srcset="http://ballenvegas.com/wp-content/uploads/2014/05/Lori-Ballen-Yard-Sign.jpg 768w, /Lori Ballen is a licensed agent with a real estate team licensed with Keller Williams Realty Las Vegas. When you choose Lori Ballen Team, you get skilled Real estate agents who specialize in particular niches, and geographic locations. Always in the top 1% of Las Vegas production, Lori prides herself on the continuing education and high level training she and the team members receive.

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What's Your Home Worth?

Use our instant home value calculator to get an estimate of what your house might sell for today.

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Address: 9420 W Sahara Ave #100, Las Vegas, NV 89117
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