This is a Sellers Market !!!
What does this mean for you, the seller, it means that you are in firm control over the sale of the home. It is not unusual to see a full price offer on a correctly priced home.
Home sales continue to outpace supply and the Market Action Index has been moving higher for several weeks. This is clearly a Seller’s market so expect upward pricing pressure in the near future if the trend continues causing prices to go up.
This chart shows the condition of the market, any indicator under the 30 mark which is marked here as a straight black line indicates that it is a sellers market and anything below is a buyers market.
We are clearly in a sellers market in Las Vegas, if you have been considering moving this is the best time of the year to put your home on the market.
A notable thing that is on the chart is that despite home price per square foot is going up, meaning sellers are demanding more for the same home, the median price remains unchanged demonstrating that buyers are simply buying as much as their budgets will allow and are not going to a more expensive home.
Demand for homes below the median price continues to increase, and their scarcity continues to push multiple offer situations.
If you note, we are in the typical moving and buying season for Las Vegas in which the demand coincides with warmer weather and the end of school in which parents try to buy homes before the next school year begins so their children can begin the school year in their new home.
Las Vegas home sales are being outsold in the lower half of the price bracket selling more homes than are entering the market, this is will be affected by basic supply and demandin which prices are expected to continue to rise in this segment of the market faster than the upper half.
Information courtesy of Nevada title and Altos Research