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Where Have All the Houses Gone?

The residential real estate market in Las Vegas has changed phenomenally in the last 13 months.  As shown on the chart below, in January, 2012, the median sales price was $118,694.  This means that half of the 2866 sales that month were above $118,694 and the other half were below that price.  Of those sales, 1296 were bank owned, 815 were short sales and 755 were standard sales.  There were also 9280 available listings.  Contrast these numbers with January of 2013.  The median sales price was $150,000 and there were 2219 sales, of which 263 were bank owned, 828 were short sales and 1128 were traditional sales.  Available listings were down to 3409.  The average rate of increase in price per month is $2665!  Nevertheless, the increase in median price is slowing.  The greatest increase was in April, when the median change was an astonishing $4500.  It has slowed since then with a difference of only $100 between December and January.  The other remarkable number is the decrease in supply which is down 502 per month on average from January 2012 to January 2013.  With this very tight market we can estimate that prices will continue to increase.  Based upon current market conditions, the mediation sales price in August should be $167,019.  Mark your calendars.  We’ll review this data then to see how correct these predictions will be.


1-13 Market Condition Reporta

1-13 Market Condition Reportb

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