LAS VEGAS (FOX5) –- Potential home buyers in the Las Vegas Valley said "no" to real estate for the month of November.
New data by the Greater Las Vegas Association of Realtors shows 10,000 single family homes were on the market and by the end of the month, 7,000 homes had zero offers on the table.
That’s a 54 percent difference compared to 2017 and the highest number of homes in Las Vegas to not get an offer in two years.
Realtors are telling Las Vegas residents that they shouldn’t panic. Even though the market is changing, Las Vegas’ market is still ahead of the game.
"I mean that's still crazy fast for markets across this country,” said Nevada Realtors newly elected president, Keith Lynam. “Are we as fast as were six months ago? No, but we couldn't sustain that, it was not sustainable, it was never going to be sustainable. So we're back to pretty much a normal market."
Lynam said he predicts Las Vegas homes will average four to six months on the market. Before, Lynam says he saw some areas with homes on the market between 2.5 to 3 weeks.
A booming population and major job growth has put Las Vegas housing on the map. While buyers will continue to battle increasing property values and higher borrowing costs, Lynam said sellers still have a thriving market to work with.
"At the end of the day it is going to sell,” said Lynam “It's going to sell quick and quicker than most parts of the nation."