The 2017 Las Vegas Real Estate Market Summery. 2017 turned out to be a positive year in the Real Estate market for our clients.
36% Average Sales price has increased in the past five years. Our 2017 Las Vegas Real Estate Market Summary determined in December of 2013, the Average sales price for a Residential Single Family home was $231,725; while in December, 2017 the average sales price was $316,359. That is an increase over five years of $84,634 or 36%.
The total number of resale closings totaled 43,023 in 2017, an increase of 7.5% over 2016 and an increase since 2014 of 24%. New construction closings are predicted to be over 9,000 for 2017 a year to year increase of 15%. The average price of new construction is now over $350,000, an increase of 8% over prior year.
What does the future hold for our Real Estate Market and what does this mean for our clients buying and selling?
*. There are no immediate signs that would signal prices will start dropping, in fact we believe pricing will continue to climb.
*. Consumer demand is still strong.
*. There is no sign of over-building in new construction.
*. California residents average price for a home is $500,000. This along with the Congressional proposed legislation to cap state and local taxes which could impact resident’s ability to itemize some deductions could be the catalyst to prompt our neighbors to move North to Nevada.
*. 43,000 homes or 10% of all mortgages are still underwater in Clark County. A year ago 19% of the homes In Clark County were underwater. Though the market is not completely healed, this is a step In the right direction.
*. There is a less than two month supply of housing.
*. Interest Rates continue to be stable.
2018 should continue to move in the right direction for housing, with the number of closings both resale and new construction continuing to rise. The economic forecasts continue to predict a population growth in Clark County of a minimum 2% a year.
For those considering purchasing In 2018, if your price point is under $400,000, properties in good condition, priced at or slightly above market are getting multiple offers and often sell over list. Take this into consideration when your write your offer.
Those considering selling; 1). Make sure your home is in the best possible condition to that you get the best price, 2). Price your home at market or slightly above, and 3). Make sure your home is easy to show. Always, utilize the skills of a professional Realtor with a proven track record.