The Las Vegas market is as active as ever. We have less than two months of inventory and a high level of demand from buyers.
The Las Vegas real estate market has been extremely active as of late. With low inventory and high demand from buyers, we are seeing homes fly off the market. I wanted to drop by and give you a quick rundown of all the important numbers we’ve been keeping an eye on.
Right now, the current inventory for single-family homes is 5,571. We also have 474 condos and 338 townhomes on the market. In the month of February, we sold 2,737 homes. Based on those numbers, we have less than a two-month supply of available homes on the market. With such a low level of inventory, we expect home prices to continue to increase throughout the spring and summer, even though demand is higher during those times of year.
If you have been thinking of selling your home, now is an excellent time. Buyers will be able to overlook a lot more imperfections than they would if there were more homes available to purchase. Now is also a great time to consider buying as a long-term investment. With interest rates and home prices expected to rise in the next year (prices rose 10% in just the last year), locking in a purchase now will save you thousands of dollars over the life of your loan.
If you have any questions for me about the Las Vegas market or if you’re considering making a move, give me a call or send me an email. I would love to hear from you.