The September 2017 Residential Housing Market Report indicates that home values remain strong and are continuing to increase.
The median closing price for single family homes increased by 13.5% since September 2016. The median closing price for condos and townhouses increased by 21.7% since September 2016.
Current housing inventory remains low at 1.6 months of inventory available.
While the number of home sales in September 2016 and September 2017 are about the same at 3,800, the number of homes on the market are quite different in these two time periods.
In September 2016 Las Vegas had about 8,300 homes on the market for sale.
In September 2017 there are only about 5,800 homes on the market for sale. Inventory levels continue to drop.
Homes and condos continue to sell faster than last year at this time.
It remains a Seller’s Market for Single Family Homes, Condos and Townhouses in the Las Vegas Valley. The Hi-Rise Market in Las Vegas is improving and starting to move from a Buyer’s Market to a more Balanced Market as inventory levels drop.
For detailed property statistics please refer to the attached report.
If you are thinking of selling your home, this may be a good time.
Contact the Trish Nash Team at 702.331.3948 to provide a personalized home value analysis.