As of today February 5th, 2014 the Las Vegas valley has 7058 single family residences available to purchase. This is down from nearly 8000 single family homes that were available at the end of 2013. It is still at a much healthier number than what we started with at the beginning of 2013 which was below 4000.
Out of the homes currently available today 1074(15%) are short sales. This leave the majority of homes available today to be traditional non-distressed sales.
The valley has 1829 condo/ townhome properties available for sale today. 317(17%) of those are short sales.
What this means is while prices skyrocketed last year due to low inventory and interest spikes that reached over 6% we are still in a more steady and balanced market. Prices are not increasing or decreasing much at the moment, but with interest rates possibly climbing back into the 6% range this summer look for buyers to lose purchasing power. Higher interest rates add hundreds of dollars to a financed home payments making affordability much lower. This has the ability to increase inventory while decreasing demand and further softening the market prices.
DO YOU KNOW SOMEONE THAT HAS BEEN WAITING FOR THE “RIGHT” TIME TO SELL THEIR HOUSE??
Get a free 15 page online home price evaluation in 4 easy steps!
Step 1: Visit ShayLasVegasHomes.Com/Sell
Step 2: Enter the property address
Step 3: Enter your name
Step 4: Enter your email address and click "get my homes value" button! (phone number not required at this point)
That's it! We will then personally draft a 15 page online interactive comparative market analysis on for your house! It will include houses currently available, recently sold, and under contract that are in the same neighborhood.
The report will include photos of the comparative houses that you can click through to see how your house's finishes, upgrades, and condition compare. It will include a map showing where all of the comparable properties are located. It will have charts and tips on how to get the most money in the least amount of time for your home. We will also include a pdf version for you to keep for your records.
The market has shifted. Inventory has risen by 3000 homes in the last 6 months. Las Vegas has had 4000 single family homes available for almost a year and now as of today we have over 7000.