First, I want to reach out and thank Congressman Joe Heck for all of the support he has provided our REALTOR community. Then I want to congratulate Senator Catherine Cortez Masto on being seated in the Senate as the first Latina Senator! Now it’s time to begin reviewing Bill Draft Requests (BDRs) as we prepare for the 79th session of the Nevada Legislature that opens next month! Which bills from the 2015 Session will be revisited in one fashion or another?
Greater Las Vegas Market Overview
December 2016 Single Family Residential (SFR) closed sales were up 4.4% from November and about 1% higher than at this time last year. The median closed sales price of a SFR dipped 2.1% to $235,000 while the average closed sales price of an SFR also decreased by 2% at $272,716. The median closed sales price for an SFR improved by 7.48% in 2016 while the average closed sales price of an SFR increased by 9.78%.
Residential closed sales units were up 8.1% compared to 2015. SFR closed units were up $6.31%, Condo/Townhome sales ended up 16.6% over 2015 while Hi-rise closings are up 11.4% compared to last year. Only luxury market closed sales dipped in 2016 and by 4.13% The last chart below shows the months of inventory for the luxury market. A “months of inventory” column has been added to the Communities profile chart and can be found in both reports above.