Guest Post: Best Time to Sell in Las Vegas
The timing of when to put your home on the market can be a tricky calculus. If you’re not in a rush to sell your home, it can be beneficial to investigate sales averages in the area to find out when homes sell for the highest price and close the fastest. In Las Vegas, where average prices can swing dramatically from season to season, taking a careful look at month over month sales data can be a major decider in how much and how fast you’ll be able to sell your home.
If price is a homeowner’s primary concern, winter is the time to avoid selling. In Las Vegas sellers have lower than average closing prices from December through May, based on data from the years 2014 through 2017. In the month of February, the worst month, homeowners on average fetched a 4.7 percent lower than average price for their home during that time period. In 2017, February was even worse for homeowners. Sellers closed homes at prices that were 9.67 percent less than average during the month.
A compilation of closing data shows that homeowners in Las Vegas close at their highest prices in the summer and fall. Sellers who closed on a home in June, the best month of the year, (and putting it on the market in April) received a 3.5 percent higher than average price for the years 2014 through 2017. But in 2017 alone, the best month to close on your home was in October (after listing in August). Sellers who closed in October 2017 received prices that were 31.04 percent higher than average.
If speed, not price, is your priority, the best time to sell your home is largely the same. On average between 2014 and 2017, homes stayed on the market 8 days longer than average in February, the worst month of the year. By contrast, in June homes were on the market for 4.9 less than average days.
However, 2017 produced different results. November was the quickest month of the year to sell a home; homeowners sold their homes 11 days faster than average. October was the worst year, when listing stayed on the market for 13 days longer than average. However, this variance of data may be because of the October 1 shooting which claimed the lives of 59 concert goers on the city’s strip.
Because all real estate data is hyper local, it’s important to note that the sales data are only averages. Many other considerations exist when it comes to how much a home might sell for and how fast. Younger generations, especially millennials, jump on “green” properties, allowing for green certified buildings to command a higher price and often seller faster, too. For new empty nesters, a low maintenance, downsized option can be more desirable.