Why buying Las Vegas homes in July could cost 10% more than February 2017 in the one of the tightest Las Vegas housing markets ever
Waiting on buying Las Vegas homes until summer when kids are out of school could cost the buyers at least 10% more than February 2017.
In this video, we will show that historically the median price of Las Vegas homes for sale start to appreciate in February and stop appreciating in June. Then, home prices stay in a narrow range until the end of the year and actually going down a bit in December.
But 2016 was a little different and there was a significant gain in the median price of Las Vegas homes in November and again in January 2017.
In this video we explain the reasons behind these unusual price gains and why this was the first signs of an upcoming perfect storm, starting in March 2017.
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We didn’t discuss condos and townhomes because their appreciation pattern through the year is different than single-family houses. However, the Greater Las Vegas housing market has become much tighter for condos and townhomes as well.
We currently have about 900 townhomes and condos for sale listings in Greater Las Vegas which has 1.8 million residents. This is an unbelievable 60% below past February’s listings inventory. Extremely low supply, in addition to a rush by investors, helped push the median price of townhomes and condos up by 20% in the past year.
Las Vegas housing market will not change unless we get thousands of additional listings, so median price gains will continue.
Buying your home, condo or townhouse in Greater Las Vegas now could save you thousands of dollars. Call us at 702-478-7800 and we will help you start on the right path.
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