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Here’s a look at the Las Vegas Real Estate Market for January, 2017. According to a report released on January 6th by the Greater Las Vegas Association of REALTORS® (GLVAR), the year ended on a high note, with more properties being sold in 2016 than in the previous year. What’s surprising is that the market remained strong in spite of low inventory problems that faced area buyers throughout 2016.
A Look at the Housing Stats
December saw a total of 3,402 condominiums, townhomes, and single family homes sell. The median price range of houses that sold in Las Vegas during the month of December was $235,000. This amount shows an increase of 8.3 percent from December of 2015. At the end of the month, there were 5,951 single-family homes on the market without an offer.
A Look at the Condo Market
The median price range for a townhome or condo in Las Vegas for December was $113,000. This amount shows a decrease of 4.2 percent from this time last year. At the end of December, there were 910 properties on the market without an offer. The low number of condos listed shows a decrease of 56.5 percent from last year.
What Does this Data Mean?
It’s not unusual to see home prices take a seasonal dip during the month of December. Sales numbers show that even with the limited inventory, buyers are still showing up to the table with offers. At present, there is a bit more than a two month supply of properties available for sale. The market isn’t considered balanced unless there’s a six month supply.
What does this mean if you’re buying a house in Las Vegas?
There’s never been a better time to buy a house in Las Vegas! Taxes are relatively low, the weather is inviting, and you can’t beat the amazing things to do in Las Vegas. In fact, when you compare this city with similar cities in California, you’ll see that home prices here are a bargain. With improvements in the local economy, people are moving into the area, which means you might have a bit more competition with multiple offers when it comes to choosing the house that fits your needs.
What does this mean if you’re selling a house in Las Vegas?
Population in Las Vegas continues to grow at a rate of about two percent a year. This is good news for home sellers! If you partner the limited property inventory with the increase in people looking for homes, you’ll see that this is the perfect time to think about listing your house for sale. We should also mention that properties are selling at a rapid rate that shows 71.7 percent of homes and 76.3 percent of condos sold within 60 days of hitting the market in December.
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