January 2016 Las Vegas Real Estate Stats at a Glance
As expected, the Las Vegas real estate market is of to a strong start in 2016, as median prices for existing single-family homes jumped to $219,000 in January, which is up 9.5% from a year prior.
According to recent stats released from the Greater Las Vegas Association of Realtors, single-family homes aren’t the only property type in the area that saw a nice little jump in median price either. Las Vegas area condos and Las Vegas area townhouses sold last month also had a median price of $119,990, which is up 14.3% from $105,000 in January 2015.
The market also appears to be fairly steady as well, with overall sales increasing as well from 2,239 closings in January 2015 to 2,348 closings in January 2016, which nearly equals a 5% gain.
With that said, however, inventory is still somewhat tight for the Las Vegas area. At the current sales rate, Vegas only has about a four month supply, which is just shy of the six month supply that industry experts consider a balanced market.