LAS VEGAS (KLAS) — The average price for existing homes in the Las Vegas valley reached a near-record high last month, but analysts say homes are selling quick.
In August, just over 86% of listed homes sold within 60 days. In communities like Summerlin and Anthem in Henderson, those homes are also selling heavy, according to market analyst Brian Gordon.
“We’re looking at premium prices across the board in master plan communities where people are seeking out quality product,” Gordon said.
It is not just those areas that have traditionally done well.
“Some of those more mature areas, the core of the city, we’ve seen some strong gains there as well in terms of price appreciation,” Gordon said.
Gordon also explained that the valley may not see any sharp changes in price soon either.
“It’s been stable, we would have thought, given where mortgage interest rates went, that we’d see some volatility,” Gordon said. “But on the supply side, it’s kind of been constrained. So we haven’t seen a lot of inventory that’s helped to sort of stabilize price points in the Las Vegas valley.”
If you’re planning to buy a home in the valley, realtors like Mitchell Schwartz say regardless of price, the best thing to do is find the place and person that suits you.
“Do your homework, not only do your homework about what you’re really looking for in your lifestyle, do your homework about your agent,” Schwartz said.
