Las Vegas Monthly Residential Report
For savvy sellers who are willing to price their properties within a percent or two of market values, it's a wonderful market and statistically their home will go into contract within 34 days of listing. In July the average home in the Las Vegas Valley sold within 34 days at 99.70% of its asking price, and YTD sale prices are approximately 8.5% above last year's prices. BUT BEWARE...THERE IS NO ROOM IN THE MARKET FOR OVERPRICING! In July, nearly 50% of all single family homes failed to sell - either by expiring off the market or from a withdrawn or cancelled listing agreement. While some of the those off-the-market homes may have been because of a "change of heart" by the seller, the vast majority of those went off-market due to an overpricing strategy. Perhaps this is from a belief in the old pricing strategy of list it high, we can always come down. The problem with that strategy is that buyers are savvy and know the value of your home. If they don't view your property or make an offer, they are giving you a clear message that your property is overpriced. If you are a serious seller and would like to know the real market value of your home, please contact me. I promise to provide you with a real-world value that will cause your home to sell. You can also visit more market statistics in my website by going to: https://www.gladsteingroup.com/market-stats. Our market stats are broken down by Las Vegas Valley, Henderson, and North Las Vegas. In addition, we separate single family from Condo/Townhome and Hi-Rise.