Start to New Year – 2018
While millennials build their families and population increases in size, finding the right house will keep housing market in demand. Rent is increasing and with that people really must decide whether renting is a better option over purchasing. Economy is still steadily improving. Foreign buyers are buying a record number of properties. The National Assn. of Realtors released a report that foreigners bought 284,455 properties over the last 12 months.
Different reports and forecast say that Las Vegas has the fastest growing home values in US. Prices are expected to increase in Los Angeles, San Francisco, and the Bay Area in 2018. According to Freddie Mac, 2018 will start with 5% increase in price.
January of 2016 median sale price of a previously owned home in Las Vegas was $190, 000, with average of $131 per sq. ft. January 2017, that price was $207,000 with average of $136 per sq. ft. In October 2017 median sale price was $263,000, with average of $143 per sq. ft.
If we look at new constructions, then we see the same trend. In January 2016, median sale price was $295,000 and in January 2017, that number jumped to $325,000. October 2017 shows prices increased to $340,000.
The market is still hot with limited availability of new and resale homes. Only 2.3% of sales were bank owned and 2.9% were short sales.
Would you like to find out the value of YOUR home? Send me an email and I will be happy to check the value of your home for you.
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