Welcome to August in the Desert. Monthly Market Update for Las Vegas.
Let’s start with the numbers where we’re starting to see a little relief to the frenetic pace that many considered unsustainable and has been the cause of frustration for the buyer pool. The current float of available homes for sale increased by over 9% in July, marking its most significant inventory increase.
Yet it still remains 5% lower than this time last year. At 3,891, 2.6% fewer homes went on the market than in June, and we still lag 2017’s count by almost 2%. New opened escrows were also down over 7% from June and by 6% from July of last year, while closed sales were down less at 2.5% and are also down for the year by 3.6%.
Keep in mind that July was one of the hottest and most humid months on record, which could very well have impacted buyer urgency, pushing demand into the early fall months.
The median sales price was level at 290,000 which is 11.5% ahead of July 2017. And the average days on the market increased for the first time this year, albeit just one day. Please stay tuned to future monthly updates, as only time will tell if we’re experiencing mere seasonal and weather-driven adjustments or if we truly are entering a welcomed greater balance of buyer and seller demand.
It’s time to celebrate women and their significant impact on real estate. A basic rule that most realtors believe is that women make the home buying decision. Well, now the facts are supporting that belief as multiple sources are reporting their findings. A recent Washington Post article sums it up in its opening line. “It’s the gender gap you don’t hear so much about.” Single women are buying homes and condos at what may be more than twice the rate of single males, and the trend appears to be accelerating.
According to Veritas Urbis Economics and citing the US census current population survey, the share of homes purchased by single women hit an all-time high at 22.8%.
The National Association of Realtors found that women are more likely to see buying a home as an investment, and Builders Digital Experience said that 23% of women stated rising rents as their trigger for buying, well above the 16% average for all recent buyers.
And finally, the Wall Street Journal reported that unmarried women over 55 is one of the largest and fastest growing demographics of home buyers. With longer lifespans and careers, many look for homes with no bad memories.
With all this in mind, it’s a great honor that Coldwell Banker was recently recognized by the Women’s Choice Awards as their 2018 nine out of 10 customers recommended real estate agency, stating that women make or influence 91% of home buying decisions and that women make up two-thirds of all real estate agents.
Madison Square Garden recently partnered with Las Vegas Sands to build the most innovative concert venue ever, the MSG Sphere. Appropriately named for its round design and situated on 63 acres adjoining the Venetian, Palazzo, and Sands Expo Center, this 18,000 seat arena will leverage technology only recently created to deliver an immersive environment, incorporating all five senses.
Thank you once again for making Coldwell Banker Premier Realty your real estate company of choice. Enjoy the rest of your summer, and we’ll see you next month.