By: Suebrett Tonic
Included here is the Las Vegas Real Estate Market Report for October 2017. The Greater Las Vegas Association of Realtors (GLVAR) reports statistics from across the valley in comparison to the previous month, previous year and gives opinions in regards to how the market may continue to appreciate or depreciate depending on various local factors.
As expected, home prices slid downward slightly in comparison to September 2017 with a median price of $263,000 across the valley for single family homes. Historically this temporary dip is expected at this time of the year as we approach the holiday season and the end of the year. However, there is still steady demand for both buying a home and selling a home throughout October, November and December.
All of the most important factors to housing strength in Las Vegas are remaining strong with job growth, population increases, commercial & new industry growth with demand remaining high while inventory remains painfully low. The absorption rate - or amount of time it would take to sell the current available inventory - is less than 2 months. This puts us in a very strong Seller's market.
Key Housing Statistics As Of The End of October 2017
- Median Price of Single Family Homes In Las Vegas October 2017 - $263,000
- Median Price of Condos/Townhomes in Las Vegas October 2017 - $140,000
- Active/Available Single Family Homes October 2017 - 4,795
- Active/Available Condo/Townhomes October 2017 - 770
- Total Sold Single Family Homes, Condo, Townhomes October 2017 - 3,633
Additional market statistics on a national level can be considered by viewing the following video from Keller Williams International...
The John & Tonic Group with Keller Williams Realty Southwest is full-time real estate team with over 20 years of experience in the Las Vegas market. For additional information about buying your home, selling your home, or to search the MLS in real time The John & Tonic Group would be happy to meet with you and create a plan specific to your individual needs.