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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.

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Shawn & Kyle Cunningham
Cunningham Group at RE/MAX Advantage | 702-960-4819 Shawn | 702-960-4819 Kyle
Source: Real Estate One Solution

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