After increasing for several months, the number of homes listed for sale in Southern Nevada is beginning to come down. The inventory of Las Vegas Resale Homes on the market appears to have peaked, which is a good sign for the local housing market. The same can be said for the continued steady sales prices for single family homes. Statistics show that sales prices for local homes have remained stable for the past 13 months.

For months we’ve been requesting to our sellers that “they should be realistic in pricing their homes for sale.” With another month with a drop in the number of active listings, it looks like the message has taken hold. Sellers who may just be speculating are either removing their homes from consideration or renting them out, which is positive.

In the months of November, December, and through mid January, the statistics for the Las Vegas Resale Homes market are as follows:

November: 

Single Family Residential (SFR):

                    Listed For Sale = 19,726      Sold = 1,547

December:

Single Family Rresidential (SFR):

                    Listed For Sale = 17,834     Sold = 372

Projections through mid January show the number of Las Vegas Resale Homes listed for sale to increase but, the number of sold units to increase as well. Historically, as the weather begins to turn from winter to spring, as well as schools beginning to wrap up their current year, the Las Vegas Real Estate market begins to get more active.