UPDATE: Las Vegas housing market is booming as prices, sales continue to rise

Important advice for anyone looking to buy or sell

UPDATE AUG. 9: Rob Maes recently moved to Las Vegas to pursue a new career.  On Sunday, the 23-year-old purchased his very first home.

"Definitely excited," he said, "it still kind of really hasn't sunk in."

Maes's new home, in a gated community near Elkhorn Road and Durango Drive, was listed as $218,000. However, his offer was more than $3,000 over the asking price. 

That's a good move, according to GLVAR President David J. Tina. Tina tells 13 Action News buyers need to be aggressive in this current market.

"You find the house," he said. "You've got to put a ring on it."

13 Action News asked Tina whether homeowners should sell now or wait for even greater appreciation on their property.

"You act now because you cannot predict the future," he said.

The seller's motivation is key.

"Do you want to be in a school district?  Do you want to be in a different side of town?" said Tina.

While there is a lot of excitement surrounding the Raiders, Tina says the move may only impact a small number of homes.

ORIGINAL STORY 

The Greater Las Vegas Association of Realtors reported Tuesday that the increasingly hot local housing market showed no signs of cooling off in July, with home prices and sales continuing to rise while the housing supply keeps shrinking.

GLVAR reported that the median price of existing single-family homes sold during July through its Multiple Listing Service increased to $260,000. That was up 10.2 percent from July 2016. Meanwhile, the median price of local condos and townhomes sold in July jumped to $138,000, up 20.0 percent from July 2016.
 
GLVAR President David J. Tina said the demand for housing continues to exceed supply. At the current sales pace, he said Southern Nevada still has less than a two-month supply of existing homes available for sale. A six-month supply is considered to be a balanced market. The supply is even tighter for lower-priced homes, condos and townhomes, he added.
 
Meanwhile, local home sales continue to increase compared to the same time last year. The total number of existing local homes, condos and townhomes sold in July was 3,798, up from 3,447 in July 2016. Compared to one year ago, sales were up 10.8 percent for homes and up 7.5 percent for condos and townhomes.
 
According to GLVAR, total sales so far in 2017 continue to outpace 2016, when 41,720 total properties were sold in Southern Nevada.

The organization says 2017 is on pace to the best year for local home sales since at least 2012.

Print this article Back to Top