The Southern Nevada real estate market finished out the year with strength as demand continued to rise and supply continued to shrink. Our effective months of inventory shrunk in december to 1 month. This is the lowest level experienced since early 2013.
The condominium and townhouse segment saw its effective availability dip to 1.5 months.
The currently median sale price for single family homes jumped 10.2 percent from ayear ago to $345,000. At the same time, the median sales price for townhouses and condos in Las Vegas increased another 4.5 percent to $186,000.
Limited availability on homes and high demands are causing prices and values to increase in performance. This is a great example of Supply and Demand.
If you have any further questions regarding our real estate market, please feel free to contact me. If you need a market analysis of your home, I would be more than happy to analyze your property and send that report to you.