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
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.