New Age of Buying or Selling a Home in Las Vegas

Email-Signature_LVREIBy: Denise Savello

The Las Vegas real estate market has gained so much attention over the last decade it’s hard to maneuver through all the media and stories to understand what is really happening in the market. The Las Vegas real estate market has had extremely high and low prices over the past decade. What we’ve seen over the past seven months is rising home prices. Despite prices rising it is still an excellent time to purchase a property in Las Vegas. There are over 3.400 single family residences available throughout all areas of town so you can still find what you’re looking for.

Many new home builders have been releasing more lots for building and even re-opening developments that slowed during the past 5 years which means it’s also a good time to purchase a new home! Master planned communities such as Providence and Mountains Edge have shown increased buying activity on the new homes market. According to the Greater Las Vegas Association of Realtors home prices increased 24% during 2012. This increase in home prices is great news for home sellers. Many people have decided not to sell their property until prices started rising again and we are seeing evidence of this now as people being listing their properties again. We are seeing more traditional equity sales on the market than we have in years. If you are thinking of selling your home, contact your Realtor or find a Realtor to have a free analysis done on your property. You may be pleasantly surprised at the outcome!

According to the Greater Las Vegas Association of Realtors, at the end of February 2013 there were 3,047 single family residences listed on the market with a median listing price of $150,000 and an average selling price of $189,180. This is compared to the February 2012 numbers of 6,543 single family residences listed on the market with a median selling price of$121,000 and an average selling price of$148,699. February 2013 shows a 24% increase in selling prices from February 2012. This is a strong indication that the market is turning into a sellers market.

 

 

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