As the premier property management company in Las Vegas, the team at Triumph always like to keep on top with all the latest real estate trends. Today we look at one of the latest such trends, that of the consistent property price hikes in southern Nevada.
Property prices (here, referring to ‘home prices’) continue to rise in southern Nevada, recent reports show. Southern Nevada continues to go through a period of restricted housing supply, leading to a veritable increase in average house prices.
The GLVAR (Greater Las Vegas Association of Realtors) report that average single-family home prices increased by over 7 percent in the past year to July – now oscillating around the $236,000 mark (compared to $218,000 in July 2015).
Condominiums and townhouses, however, are approximately the same price as they were last year, at the $115,000 mark.
The GLVAR president, Scott Beaudry, comments to the World Property Journal that:
“Home prices have been going up gradually. And although we sold fewer homes and condos in July than we did during the previous month and year, sales have been running ahead of last year’s pace. Our tight inventory might finally be slowing down our sales pace. Sales slipped the most during July for lower-priced homes. This suggests it’s getting harder for entry-level buyers to find the homes they want.”
Less condominiums and townhouses are sold in July 2016 compared to the same time last year. Last year there were over 3,800 sales of condominiums and townhouses, a figure that has since declined to a low of around 3,400 sales.
Beaudry goes on to say that there is less than three month’s supply of homes for sale, a figure that should be around the six-month mark for the market to be considered “balanced”. Without these extra homes, prices can be expected to increase in the months ahead.
Less transactions are made through cash, too, though this is only a marginal decline. Over 27 percent of home sales were made via cash, a value that has since gone down to 26 percent in July 2016. The stabilized cash sales are down from a high of nearly 60 percent in Feb 2013.
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