We at LasVegasHomeSpecialist have done our numbers for the past year and are feeling optimistic for the new one. Our housing market has settled down and we think our ride on the roller coaster is over. The Greater Las Vegas Association of Realtors is reporting that median resale prices rose 6.4 percent in 2015, which is the normal rate of increase we would expect to see. That median price is at $217,000, meaning half of all houses sold for less than that price and the other half sold for more. In total 38,578 houses were sold in 2015, up by over 7 percent from 2014. Bank owned houses and short sales are a very small part of the market now. Short sales were only 6.8 percent of sales, down from 10 percent in 2014. Bank owned properties saw a similar decline, accounting for 6.9 percent of all sales, down from 8 percent in 2014.
The one area in which we’d like to see improved numbers is in the number of houses for sale. Right now there is about a 3 month inventory of homes on the market. We’d like to see that number closer to 6 months.
It’s definitely time for sellers to evaluate the equity in their houses and see if it’s the right to sell. We can help you with that so contact us for an individualized market analysis of your house.