Las Vegas Real Estate Blog

Las Vegas Real Estate News - Already 8792 Single Family Homes are available on the market. The inventory increased by nearly one thousand in about 12 days.

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Las Vegas: Sold homes update report

January 2004, West part of Las Vegas,
909 single family homes were sold in January. Average list price was $302,884, average sold price was $297,111. Average days on the market was 32 days. DOM - means how many days it took to sell house.

February 2004, West part of Las Vegas,
1034 single family homes were sold in February. Average list price was $303,676, average sold price was $300,623. Average days on the market was 26 days. DOM - means how many days it took to sell house.

March 2004, West part of Las Vegas,
1439 single family homes were sold in March. Average list price was $319,827, average sold price was $317,134. Average days on the market was 19.8 days. DOM - means how many days it took to sell house.

April 2004, West part of Las Vegas,
1351 single family homes were sold in April. Average list price was $347,648, average sold price was $345,004. Average days on the market was 20 days. DOM - means how many days it took to sell house.

May 2004, West part of Las Vegas,
1147 single family homes were sold in May. Average list price was $358,777, average sold price was $356,854. Average days on the market was 16 days. DOM - means how many days it took to sell house.

June 2004, West part of Las Vegas,
1339 single family homes were sold in June. Average list price was $368,672, average sold price was $365,084. Average days on the market was 17.6 days. DOM - means how many days it took to sell house.

July 1st -14th, 2004, West part of Las Vegas,
Only 280 single family homes were sold in the first half of July. Average list price was $368,620, average sold price was $360,853. Average days on the market was 21 days. DOM - means how many days it took to sell house.

Are we at the top of the market? I think we are. I checked MLS and we had 7,853 homes for sale. It is about 500 homes more than five days ago. The number of sold of homes in the first half of July is very low. That means homes are not selling as fast as they did in previous times. The questions is how quickly we will see changes in listing prices. I believe that if you want to sell you have to start reducing prices sooner than later.

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What is happening with Las Vegas Real Estate Market?
Will it crash anytime soon? It is hard to say. Most of the people I talk are very optimistic. They believe that demand is so strong that it can never happen here in Las Vegas. I think that there might very considerable slow down in the coming weeks. Year and half ago we had about 9,000 homes for sale in Las Vegas MLS system. The inventory went down to about 5,000 homes in July 2003 and was in that level till April 2004. I saw somewhere between 3,500-5,000 homes at that period of time. What is happening now the inventory is growing very dramatically. 2 weeks ago we had about 5,500 homes in MLS. I checked again on Tuesday this week and we had already 7,199 homes. And today we have 7,357. I think if anybody looks at these number we can assume big changes are coming to Las Vegas real estate market.

For more information on the units, contact MillionSaverHomes.com is local Las Vegas real estate broker at 702.212.3513.

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