March 2016 Las Vegas Real Estate Market Report

Written by Posted On Friday, 11 March 2016 10:19

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Stucco House in Vegas in the SpringsOld Man Winter may have tried to put a freeze on theLas Vegas housing market, but a slow and steady crawl through colder months poised the industry for a bright and hopeful spring. According to the Greater Las Vegas Association of REALTORS® in a report released Monday, the spring sales season is budding with opportunity.

Single family homes in Southern Nevada sold through GLVAR’s Multiple Listing Service (MLS) presented a median price of $220,350, a 7.5 percent increase from last year’s $205,000. Townhomes and condominiums were also up 15.7 percent from last year, bringing in $121,500 median prices in February over last year’s $105,000.

–>> Here’s a few Las Vegas Real Estate Listings added in the last day or so.

As winter months thaw, giving way to nicer weather and a more comfortable atmosphere, sales are likely to increase. To accommodate that trend, the frigid, low inventory market also seems to be warming up with new possibilities. In February, according to GLVAR, 2,676 houses, condominiums, and townhomes were sold, compared to 2015’s 2,452. That’s a 7.5 percent jump for houses since last year, and a 15.8 percent increase for townhouses and condos.

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 Vegashigh-rise condos in Las Vegas, and townhomes in Las Vegas (along with North Las VegasHenderson, 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

ForeclosureOn 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.

Take a look at the Distressed Properties for Sale in Las Vegas Today


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.

Take a look at the Distressed Properties for Sale in Las Vegas Today


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.

Take a Look at New Homes in the MLS Now.

Market Outlook

Market OutlookSo 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








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img src="" srcset=" 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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