Edd Ahrens
Spot Las Vegas
(702) 525-1888

Las Vegas Real Estate Market Trends

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Edd Ahrens

Sales Bounce Back in February

Sales of single-family, re-sale homes gained a little traction last month, rising 11.7% from January, off 22% year-over-year.

The average price for single-family homes in Las Vegas fell 3.3% month-over-month, down 22% year-over-year. The median price was off 1.4% to $246,500, down 20.5% year-over-year. The median price is now down 21.7% from the high of $315,000 reached in June 2006.

Remember, these are statistical prices. When the market was going up, the large number of million dollar plus sales skewed prices upward. With the large number of bank-owned properties going through the system, prices are being skewed downward, especially the median price.

Inventory rose 1.7% from January, and is now up 14.6% year-over-year. That puts our days of inventory indicator at 615 days.

 

 

Real Estate Trends
(Single-family Homes)
  Feb 08 Jan 08 Feb 07
Home Sales: 1,098 983 1,407
Median Price: $246,500 $249,900 $310,000
Average Price: $297,597 $307,739 $372,046
Sale/List Price Ratio: 95.9% 96.0% 98.4%
Days on Market: 74 73 91

The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood, call us.

Call me to find out your home's listing price and probable selling price. Call or e-mail for my 28 page Marketing Plan. I can send it to you in print, on a CD, or as an e-mail attachment. Note: it's a 4.6MB file.

See the tables and charts below for full details.

If we can help you devise a strategy, call or click buyer or seller.

Recent Trends

The following tables and graphs provide an overview of sales trends since the beginning of the year. Notice the three-month moving average in the graphs. We use this to smooth out month-to-month fluctuations while still showing seasonal variations.

Sales Statistics
(single family homes)
  Median1 Average2 Unit DOM3 SP/LP4
Price Price Sales
Jan 06 $310,000 $382,518 1,778 59 98.0%
February $309,000 $378,169 1,787 58 97.0%
March $314,950 $379,935 2,521 55 98.3%
April $310,000 $365,434 2,266 53 98.3%
May $310,000 $373,761 2,556 52 97.9%
June $315,000 $385,380 2,527 54 97.9%
July $310,000 $373,173 1,996 54 97.4%
August $312,000 $369,607 2,097 91 98.4%
September $310,000 $377,959 1,739 63 97.6%
October $310,000 $369,179 1,689 66 97.5%
November $308,000 $379,108 1,547 66 97.5%
December $306,100 $373,520 1,644 71 97.3%
Jan 07 $302,000 $372,046 1,397 91 97.8%
February $310,000 $381,676 1,407 78 97.8%
March $305,000 $376,846 1,605 77 97.3%
April $305,000 $389,626 1,381 74 96.9%
May $301,352 $398,258 1,568 75 96.9%
June $305,000 $428,817 1,476 74 97.9%
July $295,000 $377,861 1,318 73 96.0%
August $299,900 $382,671 1,316 74 95.9%
September
$285,750
$352,137
990 - -
October $274,275 $374,625 974 - -
November $273,500 $353,413 968 - -
December $260,000 $319,055 879 - -
Jan 08 $249,900 $307,739 983 - -
February $246,500 $297,597 1,098 - -

NOTES:

  1. Median Price - that price at which half the homes sold were above and half the homes sold were below

  2. Average Price - that price resulting from adding up all the sales prices then dividing by the number of homes sold

  3. DOM - Days on Market, how many days it took to sell the home

  4. SP/LP - Selling price to listing price ratio

Condo charts and tables are on the next page.

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For information on a specific neighborhood, country club or new home development, give Edd a call at 702.525.1888, or send an e-mail by clicking here.

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Edd Ahrens
Spot Las Vegas
(702) 525-1888
broker@vegas-report.com

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