The Las Vegas housing market is slowing down as prices continue to rise. With less than a two month supply of homes, the Las Vegas housing market is starting to feel the squeeze. Las Vegas saw a 4.4% decrease in homes listed in February. 3,167 homes hit the market at a median list price of $290,000, an 8.5% increase in median listing price from February 2017.
Not only are homes selling for more, they are not staying on the market long. 63.3% of homes listed were on the market for less than thirty days. That is up 4.7% from January 2018 and 11.3% from February 2017.
The condo market is experiencing similar performance. The number of new listings were down 4.3% from January 2018 with only 761 units hitting the market. The median condo list price was $160,000. This is up 4.6% from January 2018, and up 23.2% from Febrary 2017. A staggering 70.8% of condo’s listed had offers in under 30 days.
2017 was the third best sales year on record for the Las Vegas housing market with over 46,000 homes sold. With homes selling faster, do you think sales in 2018 will break this record?