Spring and summer bring the heat to Las Vegas, they also usually bring an increase in sales in the local real estate market, and this year is no exception. The recent numbers from the Greater Las Vegas Association of Realtors show the local real estate market continues to gain momentum and improve.
During the first half of 2014, median prices of homes continued to rise, with the Single-Family increasing to $199,900, a 14.2% increase years over year from June 2013. These increases occurred even with the onset of falling sales, and inventory increases as investor activity slowed. The current median price shows there is significant signs of life, especially considering the median price for the same Single Family residence was at a low of $118,000 in January 2012.
Sales to traditional buyers increased. With the increase in prices, more and more owners are encouraged to list their homes for sale; meaning inventory has begun to pile up. However, with slowing sales, inventory is also growing; with approximately a 3 month supply of homes on the market. And while investors are still buying properties, usually for all cash, with the increases in prices, investments are in fact slowing down.
Whether you are a traditional buyer, seller or investor, the attorneys with The Dean Legal Group, Ltd. regularly advise clients in real estate matters. A first-time buyer would be wise to have one of our real estate attorneys review their documents prior to closing, to avoid any mistakes or problems that can, and often do arise, during and after the sale.