Las Vegas got a great Christmas gift. The median home sales price rose to $206,000 at year-end, according to Ticor Title of Nevada. (Median means half the sales are lower and half are higher.) That’s up 11.4 percent from December 2013.
The average home price in Las Vegas rose last year too. When the year closed, the average sale price was $250,791, up 7.9 percent from December 2013’s $232,507.
More good news: buyers could actually go shopping. Active listings rose 21.5 percent from December to December, reaching 16,689.
But sellers turned out to be a tad too optimistic. The sales price versus list price fell from 99.6 percent in 2013 to 98.3 percent last year. It’s just a 1.4 percent drop, but still a drop. A more telling statistic is average days on the market. Last year it took 64 days from listing to contract; in 2013 it was 57 days, a 13.7 percent increase.
Buyers: If the trend continues, you will be paying more money for the same house. And there will be plenty to chose from so no need to participate in crazed bidding wars.
Sellers: Be realistic if you want to close quickly. And if you are realistic, you can pretty much get your price.
((hugs)) BETH Ellyn
The Las Vegas Real Estate Concierge
Managing Broker, Nevada
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