Greater Las Vegas Association of Realtors, reports homes for sale in Las Vegas real estate inventory on the Multiple Listing Service in Las Vegas declined to 19,729 in November, down 16 percent from the previous October real estate in Las Vegas, Nevada inventory.
The amount of Las Vegas homes is still up nearly 34 percent from a year ago, but the number appears to have peaked in October at 23,474, a good sign for the local housing market.
The current housing market is a different environment. The market has changed. Las Vegas real estate sellers are not going to attain the results of 2004. The market has changed.
Las Vegas home sales continue to decline. Las Vegas real estate agents sold 1,547 single-family homes in Las Vegas in November, down 36.6 percent from a year ago. Median prices are stable at $308,000, off by less than 1 percent.
The number of new Las Vegas mls listings also declined in November to 4,043, down 21.1 percent from 5,125 in October. Additionally, there are more than 3,400 homes for sale in pending escrow.
Larry Murphy, president of housing research firm SalesTraq, said he gets calls and messages almost daily from people telling him the real estate bubble has exploded and prices are collapsing.
“Exactly when did that happen? Based on the recorded closings of over 200,000 homes for sale in Las Vegas real estate since June of 2004, the fact is, it didn’t happen,” Murphy said.
The median price of an existing home in Las Vegas went from $242,000 in June 2004 to $287,500 in October, an increase of 18.8 percent. Over the same period, new Las Vegas home prices rose 36.2 percent from $244,263 to $330,000. Source: LV Review Journal
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Las Vegas homes sales figures and real estate in Las Vegas MLS numbers for November.