Happy Tuesday!

Wanted to update everyone on the stats for the market in our Greater Las Vegas Association of Realtors (GLVAR).  All stats reflect data as of the end of November, and when referencing change, we are referencing the 12 month period of November 16 - November 17.  Each data point is also a rolling 6 month number.

Median Sales Price: $243,000 - ALL Property Types - Up 13.0%
Median Sales Price: $262,000 - Single Family Residences Only - Up 11.5%

Months Supply of Inventory: All Property Types - 2.2 Months - Down 42.1%
Months Supply of Inventory: Single Family Residences - 2.2 Months - Down 40.5%

Median Days on Market - All Property Types - 14 Days on Market - Down 44%
Median Days on Market - Single Family Residences - 15 Days on Market - Down 37.5%

Active Available Inventory (Not Rolling) - All Property Types - 6740 Properties - Down 43%
Active Available Inventory (Not Rolling) - Single Family Residences - 5213 Properties - Down 43.3%

Closed Sales (Not Rolling) - All Property Types - 3316 Properties - Up 1% 
Closed Sales (Not Rolling) - Single Family Residences - 2551 Properties - Down 0.3%

Total Dollar Value of Sales (Not Rolling) - All Property Types - $946,540,711 - Up 12.7%
Total Dollar Value of Sales (Not Rolling) - Single Family Residences - $798,578,746 - Up 12.0%

What does this all mean?  Long story short - same thing we've been saying all year.  The inventory of available homes is WAY down (almost by half) which has forced sales prices up, over 10% across the board for the last year.  It's also creating a run on the inventory, having homes sell even quicker than last year, now in about 2 weeks according to the Median provided.  We anticipate this type of traction to remain into the new year, but will keep our eyes on the stats!

Will update this list next month to include year end information!

- Geoff Zahler