The following analysis of the greater Las Vegas, Nevada real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere agent.
Employers in the Las Vegas metropolitan area continue to add jobs. A total of 27,800 new positions were added over the past 12 months, representing an annual growth rate of a healthy 2.9%. Interestingly, Las Vegas employment broke the million mark for the very first time in May of this year.
Thanks to ongoing job growth, the unemployment rate continues to drop. The seasonally adjusted rate was down to 4.6%—a level not seen since before the last recession.
HOME SALES ACTIVITY
DAYS ON MARKET
- The average time it took to sell a home in the region dropped 10 days compared to the second quarter of 2017.
- Region-wide it took an average of only 28 days to sell a home in the second quarter of this year.
- Days on market fell in all but one of the sub-markets compared to a year ago. The exception was Spring Valley, where it took three days longer to sell a home than it did a year ago.
- The greatest drop in days on market was in Aliante, which fell by 38 days when compared to the same quarter in 2017.
The speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.
Employment growth in Clark County continues to be very robust. This, when combined with low inventory levels, will continue to push home prices higher. Given these factors, I have moved the speedometer a little farther in favor of sellers.
Mr. Gardner is the Chief Economist for Windermere Real Estate, specializing in residential market analysis, commercial/industrial market analysis, financial analysis, and land use and regional economics. He is the former Principal of Gardner Economics, and has more than 30 years of professional experience both in the U.S. and U.K.