For those who may have doubted the reemergence of the Las Vegas housing market, numbers don’t lie. Though the market slowed down at the start of the year, home prices jumped. The median sales price for single family homes is $200,000 which is up 8.1 percent from January 2014. Condos and townhomes did slightly better with median prices at $105,000, up 10.5 percent compared to last January.
The start of the year is usually a slower time for real estate due to the end of the holiday season. But compared with last year, home prices continued to rise gradually despite the expected seasonal slowdown.
Short sale numbers have fallen dramatically over the past year due to the expiration of the Mortgage Forgiveness Debt Relief Act. Cash purchases, usually an indicator of investor activity, were at around 36 percent in January – down from the 2013 high of 59.5 percent.
Real estate sales through the MLS (Multiple Listing Service) for 2014 were at their lowest in six years, at 36,550 closings. This number is down from 41,477 sales in 2013 and a peak of 48,798 back in 2011.
The bottom line: the Las Vegas real estate market, while not fully back to “normal” has recovered substantially since the end of the great recession. If you would like to have an intelligent conversation about this or have questions regarding where the Las Vegas market is heading, please contact us.