Serious errors in how GLVAR calculates the median price of Las Vegas condos confuse Las Vegas real estate buyers and sellers
The reason for interest in the Las Vegas real estate market reports is its effect on evaluating the market value of a home, condo or town-home. However, there are serious in GLVAR real estate market reports that are then quoted in news articles.
The Greater Las Vegas Association of Realtors (GLVAR) real estate market report says that the median price of condos and town-homes has appreciated by 9.4% in 2014 but our calculations show zero appreciation for the past year.
The reason is that the GLVAR mixes the Las Vegas high-rise condo sale prices with regular condos and town-homes which lead to large errors. However we calculate our own median sales prices for regular Las Vegas condos, townhomes separately from Las Vegas high rise condos for much more accurate results.
For a detailed explanation please watch the video below.
Now there is a large difference between 9.4% appreciation and no appreciation at all when it comes to calculating the current market value for the Las Vegas, Henderson and North Las Vegas condo or town-home when listing it for sale or making an offer on it.
If we believed in the 9.4% appreciation the market value would be higher than comps calculated from the previous sales prices, for example, a unit sold in March 2014 should get about 7% added to the sales price to bring it up to date but since we know there has been no appreciation the current market value would be at or below the sales prices in the past year.
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