Market values continue to drift sideways even as the number of closed units increases slightly. Inventory availability has dipped with the SFR inventory hanging right at 3.0 months of available inventory. However, inventory levels are close to 11,000 residential units, which is where the inventory levels were last year at this time. Over pricing is on the rise once again even as the median and average closed sales prices drop while new listings are coming on the market at significantly higher prices. It also appears that short sales are making a last minute push as we cruise into the last quarter of 2015.
September SFR closings were down just 5% from August but nearly 14% higher than September 2014. The median sales price of an SFR remains at $220,000, while the average price dropped to $257,342. This is the new “normal” for the Greater Las Vegas market. It’s slow, steady, but not sexy growth. That’s just fine! Embrace the sanity that comes with this market and let’s just hope it continues in this relatively boring manner for several more years!
Meanwhile, look at the strength and momentum of the current Luxury Market!