Economists have been reporting on real estate trends across the country, but the Las Vegas market is a story of its own and many are finding they cannot compare countrywide stats with the Las Vegas real estate market. While a general “housing recovery” has been happening nationwide, Las Vegas has been experiencing its own kind of recovery.
The year 2013 has brought with it a major spike in sales prices in the Las Vegas real estate market, but it does not mean the overall number of sales is up. In September, the number of recorded resales was 3,422 bringing the year to date total to 33,483. That’s a year to year decrease of 4,015 closings or 11 percent. On the flip side, the median price of recorded sales was $165,000 which is a year to year increase of $35,500 or 27 percent.
So how do sales go down but prices go up? That’s because the lack of supply of homes on the market has outweighed consumer demand, therefore causing prices to rise. It also caused consumer to turn to the new home market. New home sales are up 52 percent over this time last year and 2013 is on pace to be the best year for sales since 2008. The median price of new home closings in September reached $264,119. That’s an increase of $65,174 or 33 percent over that same time the previous year.
One thing we do know is that it’s an ever changing market and at the moment, the 4th quarter appears to be experiencing a slight softening. In spite of that, experts say the market has clearly recovered from the recession in recent years and they predict market prices to continue to climb, but at a much more sustainable pace.