A new report from the Greater Las Vegas Association of Realtors (GLVAR) points to a much better buyers' market in the Las Vegas area than previously expected.
The most significant change in the past year is the massive growth in available homes. By the end of March; 7,091 homes were on the market without offers. This was an 84.9 percent increase over the previous year.
The median home price continued to increase by 1.3 percent from February to $300,000. That's up 7.1 percent from the same time the previous year.
For home buyers, this means that there are more homes to choose from and a greater likelihood of finding a home that fits their needs and budget.
The majority of the available housing on the market is pre-owned, single family housing.
Prior to this report, there was a sense that the spring selling season this year would be lean, with home prices increasing significantly. It was expected to be a sellers' market. This reversal should lead to a growth in sales.
Sales in March were up 33.3% over February, but down 16.8% from March 2018. With this change, the future for buyers might include lower prices or slowing in price increases, as well as continued large inventories to choose from.