The Greater Las Vegas Association of Realtors (GLVAR) reported that in 2017 local home sales and prices continued to rise and the inventory of homes has remained tight – only a two-month supply throughout the year. Also 2017 was the third-best year on record for local home sales.
The National Association of Realtors (NAR) is expecting the existing home sales in 2018 to be very similar to 2017. At year’s end the median price of an existing home was $267,900 – up 14.0 percent from 2016. The NAR is projecting the median price of existing home nationwide will go up around 2 percent from last year. Last year there were around 5.5 million existing homes sold throughout the country and 2018 should see the same amount of home sales. The biggest challenge for the market is the low inventory of home for sale.
Chris Bishop, 2018 president of GLVAR, believes the Las Vegas Valley should expect a similar home market as the rest of the country although the existing home prices will probably rise faster in 2018. Bishop stated “With demand continuing to outpace our housing supply, I wouldn’t be surprised if home prices here in Southern Nevada continue to go up faster than the national average.”
If you own an existing home in the Las Vegas Valley and are looking for a newly built home please contact the Nevada Builders Trade-In program operated by The Smith Team –Realtor-Keller Williams Las Vegas Realty. Our builder partners in the Nevada Builder Trade-In Program offer over 50 neighborhoods by Beazer Homes, CalAtlantic Homes, Century Communities, Pulte Homes and Woodside Homes. In Mesquite, our partner is Sun City Mesquite by Del Webb. We also work with other builders other than our builder partners that are sitting with standing inventory and we offer similar benefits as the Nevada Builder Trade-In Program.
Bottom Line – The real estate home market is hot so it is a very good time to sell your existing home.
Keep in mind that whether you are interested in buying a home or listing a home, a Realtor should represent you– this person is working for your benefit and will help you navigate through the buying or selling process. I have thirteen years in New Home Sales and sixteen years in General Real Estate sales!
Thanks and make it a terrific day…………Robin