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Las Vegas Real Estate Trends and Area Housing Market Report, February 2016

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Real Estate Agent with Berkshire Hathaway HomeServices S.47776

Las Vegas Real Estate Trends and Area Housing Market Report, February 2016December2014-34[1]

We are starting 2016 as we ended 2015 with gradual increase of home prices, according to the Greater Las Vegas Association of Realtors (GLVAR). “We’re expecting the local housing market to follow last year’s trends and stay fairly stable,” said 2016 GLVAR  President Scott Beaudry.  For the past five months the medium price for Single Family Homes has been around $220,000.

 

The medium price for Single Family Homes for January 2016 was $219,000 up 0.9 percent from December 2015 medium price of of $217,000, and  up 9.5 percent from January 2015, which was $200,000. Sales slowed for January 2016, the sales volume for Single Family Homes for January was 1,879, down 29.9 percent from December 2015 sales volume of 2,679 and up 4.7 percent from January 2015 sales volume of 1,794.

 

GLVAR reported that for 2015, a combined total sales of 38,578 single-family homes, condos and townhomes sales. That’s up from 35,806 total sales for 2014.

 

The total number of Single Family Homes Listed for sale on GLVAR’s (Greater Las Vegas Association of Realtors) Multiple Listing Service (MLS) for January 2016 was 12,473 down 1.5 percent from January of last year.  The effective months of inventory for January 2016 was 4.0 months up 46.6 percent from December 2015 which was 2.7 months and down 3.9 percent months from a year ago which was 4.1 months.  A six month supply of homes would be considered a balanced market. So, we are still in a sellers market.

Effective months of inventory.

Effective months of inventory.

 

The medium price for Condominiums and Townhomes for January 2016 was $119.990 up 1.9 percent from December 2015 medium price of $117,900 and up 14.3 percent from January 2015 which was $105,000. Sales volume for Condo/Townhomes for January 2016 was 469 down 23.2 percent from December 2015 of 611 and up 5.4 percent from a year ago which was 445.

 

The total number of Condo/Townhomes Listed for sale for January 2016 was 3,343 down 2.5 percent from a year ago. The effective months of inventory for January 2016 was 4.7 months up 38.1 percent from December 2015 which was 3.4 months and down 9.6 percent from a year ago which was 5.2 months.

 

Distressed home sale – Short Sales for January 2016 was 7.0 percent of sales that’s down from 9.7 percent from January of last year.  Bank Owned home sales for January 2016 was 7.9 percent of sales that’s down from 9.4 percent from a year ago.

 

Cash sales were 31.1 percent of all sales for January 2016, that’s down from 36 percent from a year ago. Suggesting that cash buyers and investors are still active in the Las Vegas area market but, becoming less influential.

 

January 2016 Housing Statistics-Updated

 

January 2016 Housing Statistics Video

 

Las Vegas is in Good Shape! Las Vegas real estate is in about the best shape it’s been in for about a decade. Southern Nevada ranges from better to near the top as compared to other markets in areas as population growth and our ability to attract good and increasingly diverse jobs, which bodes well for people considering buying or selling a home this year in the Las Vegas Area.

  • Employment is up around 3 percent from last year, and we’re near the top 5 of the nation in overall employment growth.
  • Incomes are up, and we’re leading the nation in private sector wage growth.
  • Population is up 2.2 percent for 2015 which is a reversal from the depths of the recession.  About a third of people moving here are from California where homes are more expensive, so they are coming here with equity.

 

Leading the employment growth for the past year have been jobs in health care and education. Around $13 billion in the resort corridor has begun or announced which means around 7,500 construction jobs.

 

The market is HOT and now is the time to sell! I will help you find serious buyers in this market. Find out what your Home is worth now, and call me if you would like to know more about selling your house TODAY! (702) 763-1117 or visit our website. Or, If you looking to Buy a Home in the Las Vegas Area. We will help you find a Home! Find Newly Built Home from a New Home Building Company. Or find a resale Home For Sale in the Las Vegas Area. We will help you find one The Watanabe & Weaver Team or call us at 702-763-1117.

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Nathan Watanabe
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Watanabe & Weaver Team of XPAND REALTY & PROPERTY MANAGEMENT
702-326-7473
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