If you live out of state you may not be aware of the Real Estate market in the Southern Nevada; the activity in the market is incredibly strong and there may be a possibility of creating a Tax Free Exchange.
- Southern Nevada residential Real Estate has increased 9% since the first of the year.
- Depending on how long you have owned your property here, your property may have increased in value up to 86%.
Average Single Family Sales Price
May, 2012 $161,003
May, 2013 $214,490
May, 2014 $236,850
May, 2015 $245,985
May, 2016 $275,209
May, 2017 $299,046
If you purchased your property in May, of 2012 your property could have potentially increased in value 86%. If you purchased in 2015, values went up 21%.
Properties are selling over list and buyers are bringing in cash above appraised values. Do get an accurate picture of your property valuation, contact me by phone or email and I will forward you the details. Investors are still buying because the market is strong and they are seeing a continued increase in pricing.
If your Real Estate investments have increased in value, you may be in a position to sell and do a tax free exchange and purchase multiple properties with the cash from a sale. This is a great way to leverage your current investment.
If you would like to discuss your situation in detail please reach out to me. For more information on the market you can go to my blog or Facebook page.
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.