December 2017 Las Vegas Area Market Update

The Las Vegas area real estate ended the year on a high note. The average sale price was the highest we’ve seen it in many years, at $273,472. For comparison, it was $268,508 in November and $231,296 in December 2016.

One driving force behind the strengthening of sale prices is that we are seeing a decrease in homeowners putting their homes on the market as well as an increasing number of interested buyers. When we combine low inventory and high interest, we see a market where sellers call the shots, and that’s what we’re seeing now. In December 2016, we had three months’ worth of inventory while last month we had only two. In fact, in 2017 we saw six months when inventory was at this low point.

Although we are in a seller’s market, it is still a good time to be a buyer. The economy has strengthened but interest rates are still pretty low.  If you are thinking about buying or selling, give us a call or send us a message and let us show you how we can help YOU get the best deal!