How many times can we say, "Prices are rising, and we need more homes to sell"? Again, August 2017 produced strong numbers in the Las Vegas resale market for single family homes. The number of homes sold was 3030, up 9.3% from 2016. Even more impressive was an 11.8% increase in the median price compared to a year earlier.
That we continue to sell so many homes is remarkable in light of the very tight inventory of homes available that are not under contract. As of August 14, 2017 the MLS showed only 4673 single family homes available, a 1.54 month supply at the current rate.
New homes continue to sell well, with a median price right around $340,000.
The Oakland Raiders are coming in 2019 - construction of the stadium starts this Fall. The Las Vegas Golden Knights are here now. The Fontainebleau, currently an unfinished hulk lurking over the north Strip area, just sold to developers with ideas! Resorts World, the massive and long delayed casino development by the Genting Group, will start full bore construction....some day(!), and the Wynn is starting its new lake feature soon.
That means more jobs, more wages and more demand for housing in Las Vegas for the foreseeable future.
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Want to sell a home? Call us now.
Want to rent your home? We also manage 140 properties in the valley. Call us now. Rents are rising as well