Today we’ll be looking at the latest trends in our Las Vegas and Henderson real estate markets.
From summer 2018 to the end of the year, market inventory has climbed from 4,000 to 7,000. Currently, there are 7,254 homes available. Along with rising inventory, price reductions are increasing as well.
In one recent weekend alone, we saw over 100 price reductions—we even saw 65 reductions on the day we recorded this video. This means there are a lot of agents who simply can’t figure out what’s going on in the market right now.
Though their big promises of selling homes for high prices may have worked back in summer, that’s not the case anymore. Don’t fall for this “buying the listing” gimmick: An agent will tell you a great number, lock you under contract for months on end, and wait for you to get anxious enough to drop your price.
We do have some good news—median home prices are now back up to $300,000. On top of this, about 50% of homes are selling within the first 30 days of being listed. Though this has dropped from 68% back in summer, we’re definitely still in a strong seller’s market. If you have a good home, good marketing, and good pricing, you’ll be able to make a sale. We’ve already had several homes sell in less than 10 days.
If you have any questions about your own real estate situation or would like further information, feel free to reach out to us. We look forward to hearing from you soon.