Market Report: December 2017
We’ve compiled the data and analyzed the numbers for your December 2017 Nevada-Las Vegas Market Report. Data in the report is based on the most recent information in the regional Multiple Listing Service. Questions? Reach out to our staff at the Las Vegas branch, 702-208-2034.
Median Home Prices
The median price of homes continues to rise on a national level, increased year over year by 7% from November 2016. In Nevada, the median sales price of a non-distressed home was $233,000, and the median sales price of a foreclosure home was $223,500, a 4.1% discount. For the Las Vegas region, the median home price (list) was $247,500 according to RealtyTrac. However, different sources cite different numbers, with Movoto stating the median list price for the Las Vegas region at $330,000.
From November 2016 to November 2017, home prices have increased 7%. From October to November 2017, prices rose 1% nationally. In Nevada, home sales for October 2017 were up 5% compared to the previous month, and up 27% from the previous year. Las Vegas is in a healthy seller’s market, however the market has cooled in the last several weeks with prices flat.
U.S. foreclosure activity in the third quarter was 31% below the pre-recession average. In Nevada, foreclosures are trending higher than the current national average of .05%, resting at .07% for the end of November 2017. For the Las Vegas region, 1 in every 1267 homes are in a stage of foreclosure – up 11% from the previous month, but 48% lower than the same time last year.
Keep Up on Foreclosure Trends
Edward Huletz, owner and principal broker: “Keep an eye on the uptick in foreclosure filings in the state, particularly in the Las Vegas area – zip code 89143, where presently 1 out of every 509 units is in foreclosure, as well as zip code area 89104, with 1 out of every 784 units in a stage of foreclosure. This can mean new opportunities for investments.”
We specialize in the marketing and liquidation of REO assets, and we are ready for one or a list of yours. We have local experts on our team to move tasks through the process efficiently and on-time. Let’s talk today!