Last year was the third best year for local home sales and the best year since 2011 according to the statistics from the Greater Las Vegas Association of Realtors.
Over 46,000 properties were sold last year compared to 41,000 in 2016. Last years total was about 2,000 below the record year of 2011, when prices were still much lower due to the recession.
Average single family home prices in Southern Nevada are around $270,000. Average condo and town home prices are around $143,000.
Most experts believe that we still have a lot of room to grow as home prices are nowhere near their peak. Mortgage rates are expected to remain relatively low and distressed properties have almost become a non-factor in our local market. The only negative factor that we continue to see is very low home inventory. We currently have less than a 2 month supply and in a balance market we would like to see a 6 month supply. That is not expected to change anytime soon.
If you have any questions about our local Real Estate market please give us a call or send an email.