The Lied Institute for Real Estate Research Studies at UNLV has revived its monthly Nevada Housing Market Update after a two-year hiatus. The report is packed with zip code-specific housing information and tracks market trends statewide on home rates, sales, foreclosures, and more.
“This housing report is special because we utilize transactional information for the entire state, down to the postal code, and translate it to useable details that’s easy to understand,” said Vivek Sah, director of the Lied Institute for Real Estate Studies.
The March 2018 report, released today, includes year-over-year trends through January 2018. By and big it shows an increase in existing single-family house costs statewide. Amongst the report’s findings:
Las Vegas new single-family home listings are reducing, while the average rate for new listings is on the rise. The average new single-family house listing in January 2018 was $372,000– the greatest given that February 2008.
Washoe County saw the biggest boost in existing home costs since January 2017 at 21 percent, with a $447,000 typical house cost this January.
The typical variety of days on the marketplace for single-family houses in both Las Vegas and Washoe Country have actually dropped more than 10 percent because January 2017. Since this January, homes invested an average of 94 days on the marketplace in Las Vegas, and 91 days in Washoe County.
Existing single-family home sales dropped a little over the previous year for the Las Vegas metro area and Washoe County; sales increased in Mesquite and Laughlin.
According to Sah, the strong growth in prices brings with it pressure– and subsequent decline– in the number of sales and listings.
“It’s a case of sell high and purchase high, which may deter some sellers in the market,” stated Sah. “At the exact same time, foreclosure sales have actually stopped by 70 percent or more in the single-family residential market due to strong economic gains throughout the whole state.”
The month-to-month report pulls from existing MLS and public records.
The Lied Institute for Real Estate Researches is within UNLV’s Lee Business School and was established in 1991 to foster property education, research study and advance property understanding in Nevada. The institute produces appropriate and timely property research, supports educational programs in property for students and specialists, and provides neighborhood outreach. Learn more at unlv.edu/business/lied-institute
Report Download: Access the full Nevada Housing Market Update for January 2018