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Overview

Las Vegas Nevada Real Estate Market Overview

This information has been updated as of July 7, 2017.

Roughly 6.4% of the resale market activity (closed sales), over the last 30 days, is in either foreclosures or short sales. Around 2.9% are short sales with  3.5% being foreclosures. There are presently 5,799 properties listed for sale, inside the valley, with 6,014 properties in escrow and with 1,049 of those being short sales.  Click here for more in-depth information on the possible pitfalls of short sales. Larry Murphy of Salestraq estimates that there have been approximately 100,000 homes foreclosed on over the last 4 years. He also estimates that another 100,000 will likely be foreclosed on before we reach a normal market situation. Distressed properties have become a much smaller part of this marketplace, especially over the last year.

Foreclosure inventories are very low with only 114 currently on the market.   There are presently 197 short sales on the market. Around 5% of listed properties are distressed sales. This has been a shrinking figure.

Below represents my own calculations, based on raw data provided by the greater Las Vegas Association of Realtors. Prices are for free standing homes only:

June 2006 median home sale price (resale)  $319,000  Median list price on these homes was $324,000.
July 2006 median home sale price (resale)  $316,000  Median list price on these homes was $326,000.
August 2006 median home sale price (resale) $310,000 Median list price on these homes was $315,000.
September 2006 median home sale price (resale) $313,000 Median list price on these homes was $319,000.
October median 2006 home sale price (resale) $308,000 Median list price on these homes was $311,000.
November  2006 median home sale price (resale $306,000 Median list price on these homes was $310,000.
December 2006 median home sale price (resale) $305,000 Median list price on these homes was $310,000
January 2007 median home sale price ( resale) $309,000 Median list price on these homes was $312,000.
February 2007 median homes sale price (resale) $305,000 Median list price on these homes was $310,000.
April 2007 median homes sale price (resale) $304,000 Median list price on these homes was $310,000.
May 2007 median homes sale price (resale) $300,000 Median list price on these homes was $308,000.
July 2007 median home sale price (resale) $297,000 Median list price on these homes was $305,000.
September 2007 median sale price (resale) $295,000 Median list price on these homes was $300,000
October 2007 median sale price (resale) $283,000 Median list price on these homes was $290,000.
November 2007 median sale price (resale) $274,000 Median list price on these homes was $282,000.
December 2007 median sale price (resale) $263,000 Median list price on these homes was $270,000.
January 2008 median sale price (resale) $248,000 Median list price on these homes was $255,000.
February 2008 median sale price (resale) $243,000 Median list price on these homes was $248,000.
April 2008 median sale price (resale) $237,000 Median list price on these homes was $243,000.
May 2008 median sale price (resale) $235,000 Median list price on these homes was $ 239,000.
June 2008 median sale price (resale) $224,000 Median list price was $224,000.
July 2008 median sale price (resale) $216,000. Median list price was $215,000.
September 2008 median sale price (resale) $202,000. Median list price was $199,000
October 2008 median sale price (resale) $191,000. Median list price was $ $190,000.
November 2008 median sale price (resale) $180,000. Median list price was $180,000.
January 2009 median sale price (resale) $165,000. Median list price was $167,000.
February 2009 median sale price (resale) $153,000. Median list price was $155,000. .
March 2009 median sale price  (resale) $144,000. Median list price was $146.000.
April 2009 median sale price (resale) $141,000.  Median list price was $143,000.
June 2009 median sale price (resale) $139,000. Median list price was $140,000.
July 2009 median sale price (resale) $137,000. Median list price was $137,000.
August 2009 median sale price (resale) $135,000. Median list price was $135,000.
September 2009 median sale price (resale) $139,000. Median list price was $137,000.
October 2009 median sale price (resale) $141,000. Median list price was $139,000.
November 2009 median sale price (resale) $139,000. Median list price was $139,000.
January 2010 median sale price (resale) $136,000. Median list price was $134,000.
March 2010 median sale price (resale) $135,000. Median list price was $136,000.
April 2010 median sale price (resale) 143,000. Median list price was $144,000.
May 2010 median sale price (resale) $142,000. Median list price was $143,000.
June 2010 median sales price (resale) $138,000. Median list price was $139,000.
July 2010 median sales price (resale) $135,000. Median list price was $137,000.
September 2010 median sales price (resale) $135,000. Median list price was $139,000.
October 2010 median sales price (resale) $132,000. Median list price was $135,000.
November 2010 median sales price (resale) was $134,000. Median list price was $136,000.
December 2010 median sales price (resale) was $130,000. Median list price was $136,000.
February 2011 median sales price (resale) was $129,000. Median list price was $130,000.
March 2011 median sales price (resale) was $125,000. Median list price was $128,000.
April 2011  median sales price (resale) was $125,000. Median list price was $129,000.
May 2011 median sales price (resale) was $126,000. Median list price was $129,000.
July 2011 median sales price (resale) was $122,000. Median list price was $125.000.
August 2011 median sales price (resale) was $120,000. Median list price was $122,000.
September 2011 median sales price (resale) was $123,000. Median list price was $124,000.
December 2011 median sales price ( resale) was $119,000. Median list price was  $121,000.
February 2012 median sales price (resale) was $120,000. Median list price was $120,000.
March 2012 median sales price (resale) was $120,000. The median list price was $125,000.
April 2012 median sales price (resale) was  $128,000. The median list price was $129,000.
May 2012 median sales price (resale) was $130,000. The median list price was $130,000.
June 2012 median sales price (resale) was $132,000. The median list price was $134,000.
August 2012 median sales price (resale) was $139,000.  The median list price was $139,000.
September 2012 median sales price (resale) was $140,000.  The median list price was$140,000.
October 2012 median sales price (resale) was $140,000. The median list price was $140,000.
November 2012 median sales price (resale) was $149,000. The median list price was $149,000
December 2012 median sales price (resale) was $149,000. The median list price was $148,000.
January 2013 median sales price (resale) was $149,000. The median list price was $149,000.
February 2013 median sales price (resale) was $155,000. The median list price was $154,000.
March 2013 median sales price (resale) was $164,000. The median list price was $160,000.
April 2013 median sale price (resale) was $167.000. The median list price was $163,000.
June 2013 sales price (resale) was $175,000. The median list price was $172,000.
July 2013 sales price (resale) was $178,000. The median list price was $175,000.
August 2013 sales price (resale) was $183,000. The median list price was $180,000.
September 2013 sales price (resale) was $186,000.  The median list price was $188,000.
November  2013 sales price (resale) was  $184,000. The median list price was $184,000.
December 2013 sales price (resale) was $184,000. The median list price was $185,000.
January 2014 sales price (resale) was $185,000. The median list price was $186,000.
February 2014 sales price (resale) was $190,000. The median list price was $195,000.
March 2014 median sales price (resale) was $195,000. The median list price was $199,000.
April 2014 median sales price (resale) was $193,250. Median list price was $195,000.
May 2014 median sales price (resale) was $196,000. Median list price was $199,000.
June 2014 median sales price (resale) was $200,000. Median list price was $200,000.
July 2014 median sales price (resale) was $203,000 Median list price was $206,000
August 2014 median sales price (resale) was $201,000 Median list price was $201,000.
September 2014 median sales price (resale) was $205,000. Median list price was $207,000.
October 2014 median sales price (resale) was $200,000. Median list price was $200,000.
November 2014 median sales price (resale) was $203,000. The median list price was $206,000.
December 2014  median sales price (resale) was $205,000. The median list price was $209,000.
January 2015 median sales price (resale) was $200,000. The median list price was $205,000.
February 2015 median sales price (resale) was $208,000. The median list price was $210,000.
March 2015 median sales price (resale) was $205,000. The median list price was $210,000.
April 2015 median sales price (resale) was $213,000. The median list price was $218,000.
May 2015 median sales price (resale) was $211,000. The median list price was $215,000
June 2015 median sales price (resale) was $220,000. The median list price was $223,500.
July 2015 median sales price (resale) was $218,000. The median list price was $220,000.
August 2015 median sales price (resale) was $220,000. The median list price was $224,900.
September 2015 median sales price (resale) was $220,000. The median list price was $225,000.
October 2015 median sales price (resale) was $220,000. The median list price was $225,000.
November 2015 median sales price (resale) was $220,000. The median list price was $225,000.
December 2015 median sales price (resale) was $232,000. The median list price was $238,000.
January 2016 median sales price (resale) was $219,900. The median list price was $223,600.
February 2016 median sales price (resale) was $223,000. The median list price was $225,000.
April 2016 median sales price (resale) was $222,000. The median list price was $225,000.
June 2016 median sales price (resale) was $235,000. The median list price was $240,000.
July 2016 median sales price (resale) was $237,000. The median list price was $240,000.
August 2016 median sales price (resale) was $235,000. The median list price was $239,900.
September 2016 median sales price (resale) was $234,000. The median list price was $238,000.
October 2016 median sales price (resale) was $234,000. The median list price was $237,800
November 2016 median sales price (resale) was $240,000. The median list price was $242,000.
December 2016 median sales price (resale) was $235,000. The median list price was $239,000.
January 2017 median sales price (resale) was $239,000. The median list price was $240,000.
February 2017 median sales price (resale) was $240,000. The median list price was $245,000.
March 2017 median sales price (resale) was $235,000. The median list price was $240,000.
April 2017 median sales price (resale) was $249,000. The median list price was $250,000.
May 2017 median sales price (resale) was $250,000. The median list price was $255,000.
June 2017 median sales price (resale) was $260,000. The median list price was $260.000.

Prices are now about the same as December 2007 and show a 9.7% increase over the last 12 months. The raw data for this calculation is courtesy of the Greater Las Vegas Association of Realtors. 6.4% of homes closing escrow June 2017 were either bank owned or short sales. What is important here is that historically, the Las Vegas area has shown around a 5% yearly increase in value. We may be slowly getting back to those average historic increases. The bump for this month may be somewhat of an anomaly, we will see.

Snapshot of the market as of July 7, 2017 shows 5,076 free standing homes on the market. May 2009 the figure was 13,346. The rate of sales has increased substantially over the last couple of years with the inventory shrinking considerably.

New construction – There are now around 300 active subdivisions. Sounds like a lot, but in 2005-2006 there were around 1,200. New homes are now approximately 25% of the market. That has been a rising figure. A few years ago new homes sold at about the same rate as re-sales. 40% of all listed properties are represented as vacant (note that historically, this figure has been in the 41% range for the last number of years). Just over 17% are tenant occupied.

Millie Fine, Realtor, ABR, SRES

Elite Realty

Direct: 702-363-5599

Toll Free: 888-449-3463

8625 S. Eastern Ave. - Las Vegas, NV 89123 - Contact Me

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