Vegas Home Prices Going UP Finally

Dated: 07/02/2016

Views: 175

RealtyTrac had good news for Las Vegas homeowners.  Sellers whose houses closed in the last eight weeks booked an average gain of 23 percent or $36,000 above their purchase price, on average. This profit margin was the highest locally since October 2007, when sellers enjoyed an average 31 percent gain.

The median price (half are higher and half are lower) of single-family homes in May (we are still waiting for the June numbers) was $229,250. The median price hovered around $220,000 for the last year.

May's median price is a  jump of 3.9 percent from April and 8.5 percent over May 2015 prices, according to the Great Las Vegas Association of Realtors.

A warning to sellers: YOUR house may not be worth the 3.9 percent increase. One second ago there were 3,113 homes listed on the MLS that did NOT have offers; that's one-third of the 9,567 total.  Buyers these days are smart. They have a good idea what homes are selling for. If your house is overpriced, it will sit. Be realistic if you want out!

foto of sale sign - Home For Sale Sign in Front of Beautiful New Home - JPG ((hugs)) BETH Ellyn

THE Las Vegas Real Estate Concierge

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Beth Ellyn Rosenthal

I like to be a pioneer.I I am the founding state broker for Nevada for eXp. I am agent 61 out of over 15,000 now. I was in the first class of women to graduate from Yale. I've had my real estate licen....

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