2018 Real Estate Trends

Real estate market is continuing the same pattern that began in 2017.

Las Vegas on January 2016 began with a median price for a single-family home from $229,768. In January 2017, the average price ranged at $237,932 and ended 2017 with an average price of $264,027.

If we look at the average price per square foot in a single family market January 2016 it was $118, January 2017 – $128 and January 2018 – $140.

In December 2017, we had 1.6-month supply available. There is currently shortage of supply when we look at properties 250k and less. It is still the sellers market and they control the prices in lower price segments. If you are looking for a property within this price range, you should be ready to act fast and be ready to complete purchase within hours.

The entire MLS has 6,141 homes for sale combining single family residential, condominium, and townhomes in every price range.

Dollar volume of all sales in January 2016 was 8,444 billion, January 2017 it was 9,507 and December 2017 it was 11,261 billion.

Let’s look at the HPI* Housing Price Index, according to Federal Housing Finance Agency

Annual Change (%)
Nevada NV 2015 9.38
Nevada NV 2016 9.32

Annual Change (%)
California CA 2015 5.35
California CA 2016 7.72

2018, will continue with interest rates going up as our market gets stronger. Tax reform signed on January 2, 2018 suggests a possibility of migration from California to states with better taxation structure like Nevada.

Our economy is definitely on the rise and interest rates will continue to climb. If you were thinking of purchasing the property now is still the right time. Make sure to get your finances right and look for a professional lender with extensive experience to get the best rates and service.

All statistics are referenced from glvar.stats.showingtime.com

LAS VEGAS HI-RISE MARKET REPORT
November 2016 / November 2017

Las Vegas Hi-Rise Market Report November 2016 - November 2017All information is based on public records. It is believed to be accurate, but is not guaranteed.

Hi-Rise Dollar Per Sqft

Hi-Rise Dollar Per Sqft

 


*The HPI is a broad measure of the movement of single-family house prices in the United States. The HPI is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancing on the same properties. This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac since January 1975.


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