Las Vegas Real Estate Trends and Area Housing Market Report for November 201612/16/2016
The Southern Nevada’s housing market continues its theme of “stability”. The housing supply still remains tight.
“It’s a good sign to see home prices going up and still appreciating at a healthy clip compared to last year at this time,” said 2016 GLVAR President Scott Beaudry, a longtime local REALTOR®. “Last November, prices were flat. In past years, home sales usually saw a slight dip in prices heading into the holidays. I’m pleased to see more homes selling this year. It might be because people want to buy before the end of 2016. I hope that trend continues, even with mortgage rates going up a bit lately.”
The medium price for Single Family Homes for November 2016 was $240,000 up by 3.4 percent from October 2016 medium price of $232,000 and up 9.1 percent from November 2015, was $220,000.
Sales decreased slightly for November 2016, the sales volume for Single Family Homes was 2,603 down 0.7 percent from October 2016 which was 2,621 and up 31.9 percent from November 2015 which was 1,973.
According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in November 2016 was 3,244. That was up 30.0 percent, but up from one year ago. Compared to the same month one year ago, 31.8 percent more homes, and 31.2 percent more condos and townhomes sold in October.
So far in 2016, Beaudry said Southern Nevada is on pace to sell more existing homes than during 2015 and during 2014, but fewer than during each of the previous five years.
Homes have also been selling faster this year. Compared to one year ago, the number of days single-family homes stayed on the market before selling during November decreased 32.3 percent, from 62 days on the market in November 2015 to 42 days in November 2016.
The sales pace was faster for condos and townhomes, which saw a 35.7 percent decrease in the number of days these properties stayed on the market during October 2016 compared to the same month one year ago, going from 70 to 45 days on the market.
The effective months of inventory for November 2016 was 2.7 months, down 9.0 percent from October 2016 which was 2.9 months and down 32.2 percent from a year ago which was 3.9 months. A six month supply of homes would be considered a balanced market. So, we are still in a sellers’ market.
The medium price for Condominiums and Townhomes for November 2016 was $118,000 up 0.9 percent from October 2016 medium price of $117,000 and up 1.7 percent from November 2015 which was $116,000.
Sales volume for Condo/Townhomes for November 2016 was 580 up 1.6 percent from October 2016 sales volume of 571 and up 15.3 percent from a year ago which was 503.
The effective months of inventory for November 2016 was 1.8 months down 16.4 percent from October 2016 which was 2.2 months and down 59.8 percent from a year ago which was 4.5 months.
On the unemployment front:
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 my 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 Builder. Or find a resale Home For Sale in the Las Vegas Area. We will help you find one Nathan Watanabe.com or call me at 702-326-7473.