As we enter the fall season, we’re still firmly in a seller’s market.

What do the latest numbers say about our Las Vegas market?

First, we’ve seen a steady increase in homes for sale throughout the summer months and into the fall. At the beginning of the year, we had about 3,500 homes for sale, and right now there are about 4,500 available on the market. In January 2017, however, there were as many as 5,500 homes listed, so with this shortage of inventory, we’re still in a seller’s market.

Our median sale price has also steadily increased over the past several years, and right now it stands at $295,000 for single-family homes. The median days on market for homes that are selling is 14 days, which is a slight increase from when it was 11 days during the spring season and early into summer.

"If you’re a buyer, the time to buy is now."

Our absorption rate (i.e., the number of homes on the market versus the number of homes being purchased) has increased as well, and our month’s supply of homes for sale is 2.4 months. To put that into perspective, any inventory level below four months is considered a seller’s market, any level between four and six months is considered a neutral market, and anything above six months is considered a buyer’s market.

Interest rates have been somewhat steady the last couple of months, but they’re expected to increase throughout the winter months and into next spring. As interest rates increase, buyers have less buying power, and if home prices continue to increase as well, their buying power will be diminished even further. This means if you’re a buyer, the time to buy is now.

f you have any more questions about our Las Vegas area market or you’re thinking of buying or selling a home, feel free to give me a call or shoot me an email. I’d love to help you.