Here’s an October 2016 update on the trends for the Las Vegas and Southern California real estate markets.
Las Vegas, NV
Home sale prices are rising and inventory is dropping in Las Vegas. Data from real estate website, Trulia, shows that there’s been a 3.5% year-over-year rise in median sales price in the valley. The average price per square foot is up too – it’s up 6% from this time last year. Here’s a breakdown of the main statistics:
Median sales price for July 13th – October 12th: $208,000
Median sales price for 3 months prior: $205,500
Median sales price for 1 year prior: $201,044
Current average price per square foot: $124
Average price per square foot for 1 year prior: $117
According to the Greater Las Vegas Association of Realtors, there are also fewer available homes on the market compared to last fall. The GLVAR’s most recent housing statistics report shows there were 7,427 available single-family homes (without pending or contingent offers) at the end of September. That’s an 8.7% drop from the end of September 2015.
The Los Angeles area is seeing a similar upward trend in sale prices. Trulia data shows a 10% increase in the median sales price over the last year. The average price per square foot rose about 10% as well. Here’s a look at the numbers:
Median sales price for July 13th – October 12th: $706,000
Median sales price for 3 months prior: $690,000
Median sales price for 1 year prior: $640,000
Current average price per square foot: $563
Average price per square foot for 1 year prior: $511
The September home sales and price report from the California Association of Realtors shows that the number of active listings in September was 7% lower than this time last year. In addition, the number of sales was 3% higher compared to September 2015.