As we head toward the end of summer, the SELLER MARKET continues. The median price for single family detached houses in the Las Vegas has risen to $261,000, up more than 10% over July 2016. But inventory is extremely low. Today, we have just 4828 homes available that are not under contract, about a 1.6 month supply.
WE NEED MORE HOUSES TO SELL. I recently listed a fixer-upper in Rhodes Ranch. We were in escrow with an offer for full price in one day. The investor knew of all the needed repairs. I would imagine he is now hard at work, getting ready to flip the home as soon as possible.
New homes continue to sell as well. The Las Vegas Review Journal reported on July 25, 2017 that 4267 new homes have sold in 2017, up over 22% from 2016. The median price of new homes was $339,603. New homes, however, are selling at only about half the rate as the year 2000, and about one-quarter the rate as the first six months of 2006.
If you are an investor with rental properties in Las Vegas, you might want to call now to see what your home might sell for. Call Evans Small, REALTOR/Broker at 702-510-4831 for information.