Las Vegas Homes : Price Update October
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Las Vegas Homes : Price Update October

May 3, 2016 07:01 AM

According to the Greater Las Vegas Association of Realtors (GLVAR), the prices of luxury homes in Las Vegas fell by a short amount last October. It was reported that cash sales from third quarter is only 39 per cent, which is slightly below the cash sales last year (49.5%).

Cash Sales

Realty Trac VP Daren Blomquist states that cash sales play a significant value in real estate. Cash sales constitute one-third of home sales in the Nation. He also mentioned that cash sales are responsible for the increase in the median home price nationwide, which also benefits investors. Increase in cash sales means that there are many people who can purchase the home immediately. The real estate companies can raise the value to balance the supply and demand of the homes.

Nevada ranked 6th across the United States in terms of all-cash sales with an average of 33.9 per cent.


Price Comparisons

The median price of a home that is sold last October is around $199,900. This amount is slightly lower than the price last September which is $202,500. On the other hand, the short sale homes are priced at around $165,000 both last October and September.

The figures this year are 8.1 per cent higher in comparison to last year’s median sales prices. The median price of bank-owned homes sold in October 2013 is around $161,615 and the median price last September 2013 is $169,222.

Number of Sold Homes

The number of condominiums and townhouses sold in October was 2,861 while the number of single-family homes available for sale in October was 14,430. The total number of condominiums and townhouses for sale is estimated to be around 3,653.

GLVAR President Heidi Kasama mentioned that it is normal for home prices to go down during the holidays. She also said that prices of local homes have been stable in the past few months. Homes are taking quite a while to sell. She said that the slow improvements in real estate sales might continue al-throughout the year.  

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