2016 Las Vegas Real Estate Market in Review

Even in light of the increased number of new construction sales in our market; resales closings have increased by 9% in 2016:

 

Resale Closings             Year

34,525                            2014

36,422                            2015

40,028                            2016

 

The increase in the number of closings between 2014 and 2016 was 5,503; a 16% increase.  This is a sign of a healthier economy and therefore a healthier Real Estate market.  More residents of Southern Nevada were able to buy a home in 2016 than in 2014 or 2015.
At the end of 2015, the average sales price was $254,159.  December, 2016 the average sales price was $274,710 and increase of 8%.  Still prices are very affordable but inching their way up with a healthy level of appreciation.

 

The Crystal Ball for 2017 is a continued increase in pricing, and perhaps an increase in interest rates as well.  Our recommendation is to purchase as soon as you can as you will see additional increases in pricing this year.  If you would like to sell but you are still under water, the next year could bring good news for you.

Posted on January 11, 2017 at 6:29 pm
Robyn Yates | Category: Market Reviews | Tagged , , , , , , , , , ,

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.

Posted on January 11, 2017 at 2:13 am
Robyn Yates | Category: Market Reviews | Tagged , , ,