It’s no surprise with the shrinking supply of homes that the prices continue to rise. This is what the Greater Las Vegas Association of Realtors reports for it’s March 2018 Market Statistics.
The median list price of homes on the market was $319,999. This number is up 12.5% from March of 2017. The number of available units listed was down 23.7% from March 2017 with only 8,533 units listed.
From the 8,533 units only 3,723 were add to this number in March. This is up from the previous month, but down 12.1% from March 2017.
The Condo/Townhome Market is experiencing the same trends. There were only 1,796 available units on the market in March, down 4% from March 2017. This shortage of townhomes/condos drove the median list price of available units up 16.5% to $154,990. There were only 914 listings added this period.
Units are not staying on the market for long either. 69.4% of single family residential units were off the market in under 30 days. This number is even higher for condo/townhomes at a staggering 78.9%.
Overall sales for single family homes this period were over 1 billion dollars. With condo/townhomes totaling almost $126 million for the period.