It’s a buyer’s market
The statistics for Realtor-involved April home sales were reported by the Greater Las Vegas Association of Realtors yesterday (their report doesn’t include builder/private sales data). In short, it’s a buyer’s market.
Compared to 12 months ago, sales of condos and townhomes dropped 45 percent and single-family homes dropped 39 percent.
Single-family home inventory almost reached the market’s October 2006 high of 23,474. In April, 22,242 single-family homes were on the market. That’s 20 percent higher than April 2006.
The GLVAR reported that median prices are about the same as 12 months ago, but logic dictates that with so many sellers and so few buyers, prices will need to come down in order to move excess inventory.
21 percent of the homes that sold last month were on the market 31 to 60 days and 20 percent took longer than 121 days to sell.
Again, if you’ve got to sell your home in this market, price will be a key factor.
