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 , , ,