As spring heats up, the Las Vegas housing market continues to surge. The Greater Las Vegas Association of Realtors reports home prices continue to rise as the supply continues to shrink.
April closed out with 2,878 sold units. This number is down 8.7% from March 2018. The median list price of units sold was $289,000, up 3.2% from March 2018, and up 16.1% from April 2017.
The Greater Las Vegas Association of Realtors reported having 3,816 units with no offers. This is a 24.9% decline from April of 2017. The median list price of these units is $389,954, up 11.4% from April 2017.
Although the condo/townhouse market is up from April 2017, it is down from March 2018. The number of units sold was down 5.6% with the median sold price of $155,000, down 3.1%.
With the shrinking supply, homes are not staying on the market long. 72.9% of single family residential units were on the market for less than 30 days. This is up from 69.4% in March 2018.
Overall, consumers view our market as a good market to sell. However, people are holding on to their homes. This could be due to uncertainty of finding a new home with the low supply and rising prices.
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