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Market Update

The total number of units — home, condos, townhomes & High Rises — sold last month was 3,625 with 753 of those being condos and townhomes including High Rises. The condominium number for May represented a year-over-year increase of close to 9%. However, the month to month increase over April was 2%. The local housing market is stabilizing this year, with gradually appreciating prices, there are more Homes & Condos on the market and slower sales recently. Real Estate sales generally pick up during the spring and summer months. At the current sales pace, Las Vegas has less than a three-month supply of homes available on the market. Anything under a five-month supply is generally thought of as a seller’s mark. Real Estate prices in Las Vegas had generally been rising since early 2012. About 22% of all properties sold in May were purchased with cash, a decrease of more than 5% from the same month in 2018. 2020-2021 several major construction projects totaling over 7 Billion Dollars will be open to name a few. Raiders Stadium Expansion of the Convention Center New Resorts World Casino The Drew 84 story Casino Hotel