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Las Vegas Property Market Sets Rise in House Prices for 2016

Posted by Marites Alma Christiansen on Feb 11, 2016 12:39 PM EST
Las Vegas Housing Market Cools, But Construction Does Not more big
LAS VEGAS - JUNE 7: Construction workers build a roof in a new housing development June 7, 2006 in Las Vegas, Nevada. After years of skyrocketing real estate prices, Las Vegas' housing market hit a new record for unsold homes and condominiums in May 2006, and developers are beginning to drop prices as the supply of new houses exceeds the demand. Despite the glut of housing, construction in Las Vegas continues unabated as thousands of new residents continue to flock to the city for work. (Photo : Ethan Miller/Getty Images)

The local Las Vegas housing market exhibited an upward trend with gradually rising home sales and prices, according to a World Property Journal report.

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The Greater Las Vegas Association of Realtors (GLVAR) said that median prices for current single-family homes sold in the Southern Nevada area for January went up $219,000 compared to $200,000 last year. The figure also represented a 9.5 percent growth from one year ago.

On the other hand, GLVAR added that the median price for local condominiums and town homes that sold last month was at $119,990. This also included high-rise condo units. The rate of increase was recorded at 14.3 percent higher as last year's prices were at $105,000.

Scoot Beaudry, GLVAR President, said, "We're expecting the local housing market to follow last year's trends and stay fairly stable. We still have challenges with our low housing supply and with too many underwater homeowners, but I see room for both of those issues to improve this year. Hopefully, we'll start to see more homes on the market as the local economy and population continues to grow and as more homeowners gradually build equity in their homes and are in a better position to sell when they're ready."

CBS Las Vegas also reported on the state's local property sector. The total number of current local homes, town homes, and condominiums that got sold in January was recorded at 2,348, up considerably from 2,239 for January 2015. Compared to the same time that year, 5.4 percent more town homes and condo units, as well as 4.7 percent more houses, got sold in January.

Mr. Beaudry added that he predicts the same continued stability of the Southern Nevada property market in 2016. However, he made note of the struggles of the area with its low housing supply, and many underwater homeowners.

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