Las Vegas Sellers See Higher Profit Margins in March
Great news for Las Vegas homeowners! According to one source, owners who sold a home during the month of Marched made an average of a 23% or $36,000 profit over their purchase price. This, according to RealtyTrac, was the highest profit locally since October 2007, when there was an average 31% gain. This is great news for homeowners, as this has been a long time coming.
Good News After Housing Bust
The housing bust that we saw a decade ago left Las Vegas as one of the hardest hit areas in the nation. Many homeowners were upside down in their mortgage and the numbers showed a loss every month from January 2008 to August 2013. This was a long time for homeowners to be at the bad end of the stick. The profit margins have been climbing, but have stayed at around 21% average since May 2015. The increase we saw last month means good things.
Median Sales Prices Have Been Flat
The Greater Las Vegas Association of Realtors says that the median sales price of previously owned homes has been at approximately $220,000 since June 2015. Even with this steady median sales price, sellers in Las Vegas are seeing higher profit margins that homeowners in other areas of the U.S.
Nationwide Numbers
In the U.S. real estate market, sellers made an average of 17% above their purchase price in the month of March. This was approximately $30,000, depending upon the home’s value. This was the highest level nationally since December of 2007. In other areas of Nevada, the numbers are significantly higher, which could mean good things for sellers in our area. For example, Phoenix sellers saw a profit margin of 29%.
The increase in profits can mean good things for those Las Vegas sellers who have been hesitating to put their home on the market. The right price, the right realtor, and the right buyer can combine into a great thing for existing homeowners who are looking to sell.