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The Las Vegas housing market has battled low inventory and rising prices. Still, the market had a surprise waiting for experts as November progressed. The end of year holiday season usually signals a slow down in the real estate market. This year, the holiday season is showing an increase in home sales. Property prices are still on the rise, but that isn’t stopping buyers from bringing their offers to the table.
According to a report released on December 7th by the Greater Las Vegas Association of REALTORS® (GLVAR), the median price of Las Vegas houses listed during November through its Multiple Listing Service (MLS) was $240,000, an increase of 7.9 percent from this time last year.
The median price of condominiums and townhouses sold in November was $120,000. That’s an increase of 20 percent from last year.
‘Tis the Season for a New Home
The surprising increase in sales this year is a welcome sign for the Las Vegas real estate market. Typically, house prices slip this time of year, but the increase in prices for the 2016 season is actually a positive sign that the real estate market is healthy.
According to the report, the total number of residential properties sold in November was 3,244. This numbers show a 31.2 percent increase in condos sales, and a 31.8 percent increase in houses sold this year compared to last year.
The housing market in Las Vegas is considered balanced with a 6-month supply of inventory. However, the current Las Vegas inventory consists of less than a three-month supply of houses for sale. The limited supply continues to be the trend for 2016.
GLVAR’s statistics shows that homes are selling faster once they hit the market. In November of last year, most homes stayed on the market an average of 61 days. In November of this year, single-family homes had an average market time of 48 days. Condos are selling at an even faster rate. This year’s average market time for November is 42 days. This is a decrease of 32.3 percent from last year’s 62 days on the market.
Enjoy the Holiday Increases
By month’s end, GLVAR’s reports indicated 7,252 single-family homes remained for sale without receiving offers, down 30.3 percent from last November. Condos and townhouses also experienced a significant decrease from last month with 1,141 properties listed for sale without receiving offers. This is a decrease of 49 percent from last year.
Will the trend continue to show an increase in home sales as we move into the new year? It’s difficult to predict due to the surprising increase this holiday season, but experts are hopeful that the market will continue the healthy trend even with the slight increase in mortgage rates.
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