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Tuesday, January 5, 2016
2016 Las Vegas Home Market
The Las Vegas Valley home prices are remaining remarkably stable. Stable and predictable are a good description for a healthy market.
Las Vegas had quite a roller coaster ride over the past decade. Las Vegas was ground zero for the Foreclosure Market. Foreclosure homes now are only 4% of the available inventory. Foreclosure sales are down 6% from 2014.
Short Sales are approximately 10% of the inventory, down 4% from 2014. Lenders are no longer in control of the majority of the sales transactions. Cash sales make up 27% of the homes sales. Cash buyers and investors are more active here than in other parts of the country.
The Las Vegas market is certainly trending to a traditional market. Good news for everyone.
36,600 resale homes were sold in 2015 through October. The yearly increase over last year is 3,683 homes. That is a good increase of 11%
The median price of the resale single family homes in October was $220,000 which has remained consistent over the past 6 months. The median price of condominiums and townhomes, including high rises sold was $119,000.
The resale median price has increased $18,000 this year to date over last year. Las Vegas usually follows the trends in Phoenix where home sales continue to increase this year.