February UPDATE

Hi, HAPPY NEW YEAR!!!

There’s a good chance that low inventory and increased demand will begin to push home prices higher very soon.

Currently there are only 5,012 homes for sale with 2,587 homes currently in escrow.

It seems that almost overnight, buyers have come to realize that interest rates will be higher for the foreseeable future and if they want to own a home, why wait.

We aren’t seeing homes sell for well above list price, but believe or not, we’re seeing multiple offers again.

Prices are flat and have been on the downward trend for months. It’ll be interesting to see what the spring holds.

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Las Vegas Market Snap Shot

TOTAL PROPERTIES AVAILABLE

Single family: 5,012
Condo/ Town homes: 1,263
High Rise Units: 347
Multi-Family, 2-4 Units: 48
Manufactured Homes: 74

TOTAL PROPERTIES IN ESCROW

Single family: 2,587
Condo/ Town homes: 597
High Rise Units: 71
Multi-Family: 2-4 Units: 33
Manufactured Homes: 45

PROPERTIES SOLD IN DECEMBER

Single family: 1,263
Condo/ Town homes: 389
High Rise Units: 50
Multi-Family, 2-4 Units: 16Manufactured Homes: 19

MEDIAN SALES PRICE FOR FEBRUARY

Single family: $430,000
Condo/ Town homes: $249,000
High Rise Units: $399,888
Multi-Family, 2-4 Units: $563,000
Manufactured Homes: $188,450

MEDIAN SOLD DOLLAR PER SQFT FOR FEBRUARY

Single family: $234 per sqft
Condo/ Town homes: $218 per sqft
High Rise Units: $419 per sqft
Multi-Family, 2-4 $170 per sqft
Manufactured Homes: $141 per sqft

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