(Newswire.net — September 6, 2019) — A recent report has suggested that the housing marketing in Las Vegas is now at its most stable in the last two decades. This comes from an official from the Greater Las Vegas Association of Realtors, which released a report recently. While July saw a slight increase in sales compared to June, sales levels were down slightly compared to the same period last year.
People are still interested in many of the key parts of the area including Lake Las Vegas real estate. Officials have been quick to point out that the property market is still very healthy in the area but has started to reach normal levels. While prices have slowed considerably compared to this time last year, in general prices in Las Vegas have been rising at the fastest pace in the nation.
Local Prices Still Appreciating
Officials have stated that local prices in Las Vegas are still going up but at a more gradual pace than has been seen for many years. They are describing the market as becoming far more stable and getting back to what would be classed as ‘normal’. The group put together figures and compiled a report based on its listing service.
According to the figures, 3159 previously owned single-family homes were purchased in July, which reflected an increase of close 9 percent compared to the previous month, but a drop of 0.8 percent compared to the same month the previous year. The median price of those properties was just over $303,000, which was a drop of 0.3 percent compared to the previous month, but an increase of 4.5 percent compared to the previous year.
The report also showed that as of the end of July there were still 7808 houses on the market where no offers had been received, which was a marginal 0.1 percent down compared to June, but a massive 63.1 percent up compared to a year ago. Based on the figures, a GLVAR spokesperson said that the value of local residential properties was continuing on an upward trajectory but at a more gradual pace than had been seen for many years. She added that it had been two decades since the Las Vegas property market had shown such stability.
The report gives a snapshot of the property market and shows how Las Vegas property prices have risen at the fastest pace across the county. It also shows how house price increases have slowed down, that fewer properties are being sold, and that the number of properties still listed for sale has gone up.
Previously, the rapid increase in property prices in the area coupled with rising mortgage rates had fueled concerns with relation to affordability. The area had previously been known for affordable prices in comparison to nearby California.
While the market has stabilized, one estate agent said that it was still extremely busy and that she and her associate had closed deals to the value of nearly $60 million so far this year. This included deals for both buyers and sellers.