Las Vegas Real Estate Market Update – February 2017

hole12The 79th (2017) Session of the Nevada Legislature Begins on Monday!

First, there are 102 Assembly Bills and another 102 Senate Bills that are posted on the Nevada Legislature website.  Expect the tone and dynamics of this session to be vastly different from 2015.  Let’s see how many 2015 bills are modified or repealed!  Will we see any movement on the change to permanent daylight time?  That’s really in the hands of the Congress at this point.  There is one bill that could change real estate educational requirements.

Greater Las Vegas Market Overview

January 2017 Single Family Residential (SFR) closed sales were down 21.2% from December, but we are beginning 2017 with a 16.3% increase in closed sales over January 2016.  The median closed sales price of a SFR improved 1.3% to $235,000 while the average closed sales price of an SFR also decreased by .4% at $271,738.

Click Here for the Current Market Update

Click Here for Additional Las Vegas Market Update Charts

January experienced a typical seasonal drop in closed units but there were nearly 4400 new listings taken during January.  This resulted in a small increase in overall months of inventory available.  In fact, SFR Months of Inventory is just short of 3 months at present, but condo and townhome inventory has fallen to 1.7 months.  Although closed sales dipped, the number of homes going into escrow improved by nearly 400 units in January.

 

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Where Were the Sales?

The chart below clearly illustrates that closed sales were not consistent across Greater Las Vegas this past month.  For example, Spring Valley, Inspirada, and Iron Mountain Ranch all witnessed pronounced decreases in closed sales – even as Aliante and Mountain’s edge saw slight improvement.  Therefore, depending on the community, months of inventory for SFR homes ranges from 2 to 20 months.  It’s also clear that some communities had very short average days on the market (most notably Centennial Hills), while others such as Anthem Country Club and Red Rock Country Club were just shy of 100 days average on the market.  Some of that also suggests that some of the older inventory closed this past month.  That can also been seen by the drop in the average list price for available SFRs!

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