Let’s begin by discussing the current supply of inventory in our market. Presently, we have a 2.12 months supply of inventory. This figure represents the estimated time it would take for all available homes on the market to be sold, based on the current rate of sales. It’s worth noting that this is a tight market!
Months Supply of Inventory: -39.6%
Now, here’s the fascinating part – over the last 12 months, we’ve observed a significant decline of 39.6% in the month’s supply of inventory. This indicates a high demand for homes in Las Vegas, contributing to a more competitive market. As a seller, this is fantastic news for you!
List to Sold Price: 98.5%
Speaking of sellers, let’s discuss the list of sold price percentages. Currently, we’re looking at a list to sold price ratio of 98.5%. This means that, on average, sellers are achieving close to their initial asking price. If you’re considering selling your home, now may be an excellent time to capitalize on this robust market and potentially maximize your profits.
Median Days on Market
Now, let’s examine the median days on market. Presently, homes in Las Vegas are spending just 19 days on the market before being sold. That’s less than three weeks! This clearly demonstrates the high demand and competitiveness of our market. As a buyer, it’s crucial to be prepared and act swiftly when you come across a home you love.
Median Sold Price: $404,995
Lastly, let’s delve into the median sold price. As of September 2023, the median sold price for homes in Las Vegas stands at $404,995. Remember, this is purely an average figure, and prices can vary based on factors like location, size, and condition. However, it does provide an overall understanding of the market trend.