The Las Vegas Market Today2/8/2018
Currently we are in a Seller's market. Team Connolly closed 4 transactions in January; one property selling at a price of $501,000 in only 3 days on the market. If you are looking to list a property, be prepared for a possible short time on the market or multiple offers. It's an exciting time.
The following is highlights from Berkshire Hathaway HomeServices Nevada Properties Corporate Broker Forrest Barbee's monthly blog. To view the entire blog, click the link below.
January 2018 Single Family Residential (SFR) closed sales were down 14% from December 2017, but up 5% from January 2017. The SFR median sales price dipped 1% to $265,000 while the SFR average closing price was $308,264 for a 2.3% drop from last month. We are only one month into 2018 but already 5% ahead of 2017 at this time. Some of the price drops were due to an increase in cash transactions. Finally, inventory remains low with approximately 2 months of available SFR inventory. Yet, there is a wider variation of month of inventory from one community to another.
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