A rise in home sales and prices is observed to happen in the month of August, which, in effect, tightens the home supply to only 3 months’ worth of home supply.

Golden Assets and Property Management LLC (GAPM), with its years of experience and participation in properties in Las Vegas, has estimated some figures and analysis of properties such as single-family homes, and condominiums.

Here are the figures drawn so far about properties sold in August in comparison the previous sales:

  • Single-family homes – A whopping 7 percent increase in sales was recorded for the month of August. Data shows that sales rose from around $220, 000 to $235,000.
  • Local condominiums, high-rise condominiums, townhouses – there was a 4.5 increase that was shown in sales for both local condominiums and high-rise condominiums. Around the same amount was recorded for townhouses too. Data show the increase from $110,000 to $115,000.

A more precise cut:

Condominiums and townhomes – in comparison to the month of August to the same month in the previous year, 15% more condominiums and townhomes were recorded.

  • Local homes, condominiums, townhomes – In August, sales of these properties rose from 3,800 to 3,450 compared to the previous year.
  • Local homes, condominiums, townhomes – In August, sales of these properties rose from 3,800 to 3,450 compared to the previous year.
  • Homes – a 9% increase in home sales in August was recorded in comparison to the same month in the previous year.

In a nutshell:

Southern Nevada also has a tighter availability of homes as shown by data. While a six-month supply of availability is considered healthy for the market, in Southern Nevada, a home supply that’s less than three months’ supply is available for purchase.

For the month of August, close to 26 percent of local properties sold during August 2016 were shown to have been bought and paid with cash, which is considerably lesser than around the same time from the previous year which showed more than 28 percent of cash purchases  of homes. Compared to data from February 2013, this

For Golden, having sold more homes in August as compared to previous months and year is a welcome development.  But for Golden, this should not give way to a rise in expectations of sales in the market as a normal and gradual rate of appreciation is also being observed.

And although market trends remain as “trends” for a certain period of time, Golden expects for this one to continue, what with less cash purchases paired with lesser supply of homes in Southern Nevada. This means that home prices may continue to rise while on a slow recovery from recession.

Golden Assets & Property Management LLC (GAPM) is the leading property management services company in Las Vegas. To know more, contact any member of our company or call us at 702-651-8886.

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