Southern Nevada Prices Rising
There has been a trend in the Southern Nevada housing market. Housing supply has tightened and sales continue to grow according to the Greater Las Vegas Association of Realtors reports. The total number of townhomes that were sold in February was 2,815 up from 2,676 in February of 2016. With a tight supply of housing available, prices have also seen an overall increase. The median price of the month of February increased to $240,000. This number is up 0.8 percent from January and up 8.9 percent from February 2016. The median price of condos and townhomes sold in February was $118,000. This number is up 4 percent since January and 2.9 percent since February 2016.
Single Family Home prices in Southern Nevada were once averaging at $220,350 in 2016. According to GLVAR President David J. Tina, “So, we’ve come a long way in the last five years. This shows that our home prices are still increasing, but they aren’t rising as fast as they were a few years ago. Homeowners are still seeing healthy rate appreciation, which is good for our economy and our housing market.” According to the GLVAR’s date, many homeowners have also been able to resell their properties for great profit. Since the shift of new tech companies moving in, a new spark has been brought back to the state of Nevada. The state’s federal taxes have attracted new middle-class families that are seeking to get more for their money and live comfortably.
The overall population is growing and buyers are beginning to feel much more confident about the local economy. The job market has a lot to do with the high demand for housing. There are better-paying jobs becoming widely available and attracting out of state candidates. Southern Nevada home prices are still at a reasonable price compared to neighboring states such as California. You can purchase a property equivalent to one in CA for two-thirds of the price. GLVAR President David J. Tina states, “Southern Nevada has less than a three-month supply of homes available for sale. A six-month supply is considered to be a balanced market.” The end of February reported 5,564 single-family homes listed for sale without any offer. That is 66 percent decrease from just one year ago.
