SalesTraq | FastFacts | June 2017

 

 

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LAS VEGAS AREA HOUSING MARKET GAINS MOMENTUM 
Prices Continue to Rise by the Mid-Point of 2017

THE BOTTOM LINE...Through the first half of 2017, the southern Nevada housing market benefitted from an expanding population base and strong employment growth.
Overall vacancies in the resale market continue to dwindle at the same time that effective availability within the Multiple Listing Service (MLS) remains extremely limited at 1.3 months.
Despite the lack of inventory, sales volumes were able to surge to approximately 5,000 units during June 2017.
The median resale price climbed to $229,950, which represented a 14.4-percent increase when compared to the prior year and is highest level reported since March 2008.
Importantly, the mix of sales has shifted toward non-distressed sales as auction, REO and short sales account for approximately seven percent of the market - in aggregate.
The much improved resale profile and stable economic fundamentals are also paying dividends within the new construction home market.
While sales volumes have generally been on the rise and prices continue to escalate, builders are demonstrating their confidence in the local market.
The number of new home permits issued for a single month exceeded 1,000 for the first time in a decade.
During the past 12 months, the market welcomed 35,200 new employees, while permitting 8,910 new homes (for-sale product) during the same timeframe - a ratio of nearly four to one.
Assuming employment growth remains on its current course, the housing market is expected to continue to experience positive demand overall. 

 

Closings are from the Las Vegas Valley only  and do not include Laughlin, Mesquite, Boulder City, Bunkerville, Moapa, Mt. Charleston, Indian Springs, or Pahrump. 
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