The first quarter of 2016 remains debatable as to the health of the housing market, but with two huge master planned communities planned and reports of roughly a 7.5% gain year over year, Las Vegas Real Estate looks very healthy! Looking deeper into the numbers, many industry leaders expected to see more inventory come to the market. Some claim that reasonably priced homes are sitting on the market, while others claim the market is hot. Let’s see what the numbers say.
The average Day a home was on the market in January of 2016 was 47 day at a selling price average of $264,950. In January of 2015, that was also 47 days for the average sale of $235,000. The trend I saw says homes are selling faster than previously, year after year which could simply mean short sales take less time to process, so I don’t think the time it takes to sell a house is that valid. Sales price averages will always be the bellwether and prices are going up, following a slight slow down in 2014 and 15 with the average sale price for January 2014 being $239,000 on a 53 day average.
Date DOM Ave Sale Y vs Y Avail Change
01/01/14 53 $239,900 143.70% 2,974 223
01/01/15 47 $235,000 97.96% 2,980 6
01/01/16 47 $264,950 112.74% 3,160 180
Now that we can see the short trend, that reported 7.5% growth looks more like 13% growth in the average home price. I was able to find one stat that shows 8% increase and that is in listing price over last year, but after discounts the market supported a median sale about 11% over last year.
The 10,000 foot view of The Las Vegas Market:
Inventory gains are slower than expected, allowing sellers to retain more of their asking price after a 12% gain over last January’s numbers. A number of factors such as interest rates and Fed announcements may have skewed the monthly data, but in general Vegas is a Win!
If your a seller considering entering the market, contact me today to learn your current value and how I can help you keep more of what your asking! Bruce Loeffler 702-328-8113.