March 2018 Single Family Residential (SFR) closed sales were up 48% from February 2018 but down 1.6% from March 2017. The SFR median sales price improved 1.8% to $280,000 while the SFR average closing price slipped to $330,608 for a 1.5% retreat from last month. 2018 sales are on the same pace as they were in 2017 at this time. However, there was a noticeable contraction of sales in the lower price ranges even as high rise and luxury closings remain strong. Conventional financing dominated the closings and even FHA financing showed improvement this month. There is slightly more inventory than previously, but an even stronger demand is putting pressure on that supply. This market only has 1.3 months of available SFR inventory and 1.1 months of Condo and Townhome inventory. Yet, with half of the available inventory being over priced – that translates into about two weeks of marketable inventory
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Market Appreciation Trends for Single Family Residences (SFR)!
The chart above illustrates the annual average market value of an SFR for the Las Vegas market as a whole. The red line depicts the year over year change in appreciation. The first chart below shows that even though we have enjoyed good price improvement over the past several years – we are not back to the previous market peak. The final four charts clearly highlight the fact that the majority of the cumulative appreciation over the past six years occurred in the $250,000 and below price points. So once again we must be careful to analyze market pricing by community, subdivision, or zip codes. It’s great to observe the overall market, but all real estate is local when it comes to trends.
Time to say “Farewell”! See you on Rainbow next month!