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Now that we’re in January of 2018, the market report for 2017 is ready. I’ve got some exciting news about last year’s market.
There was a lot of great activity in 2017. The overall market for the country appreciated about 6%. The Las Vegas market, however, was No. 1 in appreciation. We saw about a 10% gain in appreciation.
As of December of 2017, our average sales price was $312,465, meaning that, overall, values have gone up 10%. That’s fantastic news!
Part of the reason our market has gone up so much is that inventory in Las Vegas is low. Currently, we have about a 1.9-month supply of inventory. This constitutes a really good seller’s market.
Inventory does vary depending on price range, so as you go up a little higher in terms of prices, you’ll see that inventory increase as well. If you pull only those homes above $1 million, there is actually a 14-month supply of homes.
To give you an idea of where our values have been over the last 10 years, the average sales price in December of 2006 was $386,000. That was at the height of the market. In December of 2011, the average sales price was $157,000, a low for the market. Now our values are at $312,000. We’ve come a long way since that dip in 2011, and we’re moving towards the peak we saw in 2006.
If you’re thinking of buying and selling, we expect 2018 to be a great year, so feel free to reach out to us for your real estate needs. We look forward to helping you meet your goals this year.