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Market Reviews January 11, 2017

January, 2017 – Inventory of Resale Homes in the Las Vegas Valley is down – Now What?

 

The number of resale homes on the market is at an unseasonably low level – 7,455.  This 17% drop from December of 2015 and 8% from November of 2016 could be a trend.

 

The last time we saw resale inventory below 8,000 was September of 2013.  Many of you may recall, that 2013 was a big year for appreciation in the valley.

 

The December. 2013 closings were at 3,433.  Closings are up 8% compared to December of 2015 and 8% when compared to November of 2016.  Overall the number of closings or demand is stable.

 

The Average Resale sales price is $274,710 in December of 2016.  This is an 8% increase over December of 2015 ($254,159).

 

With a decrease in resale listings there will be more competition for properties and we could see an increase in pricing.  We may see multiple offers on properties as well.