The Lied Institute for Real Estate Studies at 51ԹϺ has revived its monthly Nevada Housing Market Update after a two-year hiatus. The report is packed with zip code-specific housing data and tracks market trends statewide on home prices, sales, foreclosures, and more.
“This housing report is unique in that we use transactional data for the entire state, down to the zip code, and translate it to useable information 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 large it shows an increase in existing single-family home prices statewide. Among the report's findings:
- Las Vegas new single-family home listings are decreasing, while the average price for new listings is on the rise. The average new single-family home listing in January 2018 was $372,000 – the highest since February 2008.
- Washoe County saw the largest increase in existing home prices since January 2017 at 21 percent, with a $447,000 average home price this January.
- The average number of days on the market for single-family homes in both Las Vegas and Washoe Country have dropped more than 10 percent since January 2017. As of this January, homes spent an average of 94 days on the market in Las Vegas, and 91 days in Washoe County.
- Existing single-family home sales dropped slightly over the past 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 buy high, which may dissuade some sellers in the market,” said Sah. “At the same time, foreclosure sales have dropped by 70 percent or more in the single-family residential market due to strong economic gains across the entire state.”
The monthly report pulls from existing MLS and public records.
The Lied Institute for Real Estate Studies is within 51ԹϺ’s Lee Business School and was established in 1991 to foster real estate education, research and advance real estate knowledge in Nevada. The institute produces relevant and timely real estate research, supports educational programs in real estate for students and professionals, and provides community outreach. Learn more at unlv.edu/business/lied-institute
