Las Vegas Market Update July 2014

Good news is being reported from the Greater Las Vegas Association of Realtors about the steady gains in the housing market through the first half of 2014
.
According to their reports:

“The median price of existing single-family homes sold in Southern Nevada during June was $199,900, up 2.5 percent from $195,000 in May and up 14.2 percent from June of 2013. That’s the highest median home price GLVAR has reported since September of 2008. The median price of existing condominiums and townhomes sold in June was $109,000, up 6.9 percent from $102,000 in May and up 26.7 percent from one year ago.
 
“Our GLVAR median home price is almost back to $200,000, which is encouraging,” said GLVAR President Heidi Kasama. “While real estate investors have played a key role in helping our housing market recover in recent years, it’s also good to see more traditional buyers entering the market. The percentage of local home buyers paying with cash is now under 35 percent. It hasn’t been that low since July of 2009.”
 
Putting these prices into perspective, Kasama said existing local home prices are still well below their June 2006 peak of $315,000. Prices bottomed out at a median of $118,000 in January 2012 before rising for a record 19 straight months until September 2013, then increasing more gradually since then.”

Current Home Standings

• 7,410 Homes for Sale
• 16,537 Recently Sold
• 7,467 Foreclosures

Average price per square foot for Las Vegas NV was $114, an increase of 8.6% compared to the same period last year.

Compared to the same period one year ago, the median home sales price increased 4%, or $6,750, and the number of home sales decreased 31.7%.

The average listing price for homes for sale in Las Vegas NV was $365,805 for the week ending Jul 02, which represents an increase of 1.8%, or $6,369, compared to the prior week

Popular neighborhoods in Las Vegas include Las Vegas and Summerlin, with average listing prices of $255,526 and $391,690.

The Lindstrom Group is happy to provide you with updated market statistics. We are also here to share great tips for keeping your home safe, community updates, contact information for our preferred vendors, home buyer and seller tips as well as current homes for sale.
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The Lindstrom Group
Keller Williams Realty Southwest
6180 Brent Thurman Way, Suite 200 |Las Vegas, NV | 89148
Office 702-540-1327 | Fax 702-988-8795

Servicing
Las Vegas, NV, & Los Angeles, CA

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