According to a recent Review Journal article, "the median price of a single-family resale jumped 7.5 percent year over year in the month, to $220,350, the Greater Las Vegas Association of Realtors reported last week. The median cost of a condominium or townhome swelled even more, gaining 15.7 percent to end February at $121,500. Sales strengthened too: Realtors closed on 2,676 homes through the association’s Multiple Listing Service. That was up 9.1 percent compared with 2,452 sales in February 2015."
Association President Scott Beaudry said, "the figures probably mean a fair forecast for the market in months to come. Considering that we just made it through what is traditionally our slowest time of the year in the local housing market, I’d have to say we’re in pretty good shape. Our home prices and home sales tend to warm up with the weather, so I think we’re well-positioned to have a solid spring and summer. Unless something dramatic happens, I expect our recent trends of steadily rising prices and sales to continue this year.”
If reports like these continue to come out, we can optimistically look forward to a strong 2016. And looking back at 2015, every Las Vegas zip code saw homes appreciate. It is definitely a turning point for Las Vegas and we look forward to seeing the market going to become more stable and seeing people be able to purchase homes again.
Shawn & Kyle Cunningham
Cunningham Group at RE/MAX Advantage
Source: Review Journal
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