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Monday, July 18, 2016
Still a Sellers’ Market
The median price for single-family, re-sale homes has fluctuated between $220,000 and $235,000 since last June, which is the highest level the median price has reached since May 2008.
This past month, home sales were higher by 24% over their average since 2009. For 2016, home sales are up 3.5%.
The number of active listing have been lower than last year. As of July 5th, there were 5,867 homes for sale compared to an average of 10,448 since January 2009. Falling inventory usually results in increasing prices, and that’s what we’ve been seeing.
Two more statistics that provide clues as to the state of the market are Days of Inventory (DOI) and Days on Market (DOM).
In June, Days of Inventory was 57. The average in Clark County since January 2009 is 134 days.
In June, the number of days on the market was 50. Typically the average is 62 days. These numbers confirm that inventory is low and homes are selling quickly, which, again, points to prices staying high.
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