The Greater Las Vegas Association of Realtors reported that single family resale homes were at a median price of $185,000 in December. That is up 24.2% from $149,000 in December 2012. The median price for condos and town homes was also up from last year. They rose 26.3% to end the year at $96,000.
Much of the evidence seems to suggest that prices are stablilizing and we should expect slower steadier gains in 2014. December’s gain was only 1.1% from November of this year. Most of 2013’s increases took part in the early part of the year with prices stabilizing later in the year.
Short Sales made up 20.7% of the market in December, which is down from 45.8% a year ago. Banked owned homes were 8.5% this past month, which is also down from 9.5% a year ago.
Traditional sales made a big comeback in 2013. Out of the 40,242 existing homes sales last year, 62% were traditional. That is way up from the 37% that were traditional in 2012.
Available inventory did increase up to 6,587 for single family homes but that is still only 2.8 months supply. A normal market should have about a 6 month supply.