February brought a great deal of activity to the Las Vegas market. The median closed sales price of a Single Family Residence (SFR) improved to $220,700 from $218,650 from while the average closed sales price of an SFR jumped 6% to $263,262. There was a slight uptick in bank owned REO sales even as the available REO properties declined.
February continues on a track that is resulting in slow, but steady improvement over 2015 closings. Conventional loan financing is also beginning to bounce back after the lackluster month we experienced in January. There is an overall 3.5 months supply of inventory in Clark County at this point.
Year-to-Date closings for 2016 are already 7.5% ahead of February 2015. The average closed sales price of an SFR in Clark County is up 7.87% over February 2015 and 18.85% over February 2014. See the charts below. However, not all areas appreciated at the same rate. For example, the South (301-303) is up 22.83% over the past two years while Henderson is up only 7.06% for that same period. This is a gentle reminder that all real estate is very local and that we cannot use broad market numbers or changes when looking at a particular area or community.
Three Year Comparison of Market Changes by Area