Happy New Year!
Whether you’re using the hashtag “#NewYearNewYou”, hitting the gym for the first time in months, starting a budget, or making retirement plans, 2018 has likely sparked at least one resolution. Many of you are considering a move this year as part of your personal makeover. If so, here’s some useful information about the Las Vegas market to help you make a decision and prepare!
According to the Multiple Listing Service, the average single family home sold for $261,565 in 35 days during 2017. In January 2017 the average home price was $269,871, but in December that number increased to $313,875. This indicates a significant increase in values and decrease in inventory. This is good news for sellers, as you may likely have increased equity in your home! What does this mean for buyers? With mortgage rates remaining at all time lows throughout last year, it has still been a golden opportunity to buy.
Currently, the Las Vegas valley has over 4,100 single family homes for sale at a median list price of approximately $366,000. Meaning, inventory is still extremely low causing prices to continue to increase.
Realtor.com recently rated Las Vegas as the #1 Housing Market for 2018 in regards to price and sales growth. They noted that homeowners in the Las Vegas valley are finally seeing recovery from the recession and are thus able to make, possibly long-awaited, moves. Additionally, the influx of new residents will place even more demand on our market. They have projected sales growth of 4.9% and price growth of 6.9% for 2018.
Where do you stand?
What does all of this translate to for you? If you are thinking about making a move, whether upgrading, downsizing, buying for the first time, or purchasing a second property, right now could be the perfect moment. Our team of consultants is ready to advise you on all of your real estate needs and help you make the right financial investment for you in 2018. Contact us today for your free consultation and let’s begin shaping your future!