According to the Greater Las Vegas Association of Realtors (GLVAR), local home prices cooled off slightly in January 2018, but are still up more than 11% from one year ago.
GLVAR reported that the median price for existing single-family homes sold in Southern Nevada during January through its Multiple Listing Service (MLS) dipped to $265,000. That's down 1.1% from December, but still up 11.3% from January 2017.
Meanwhile, the median price of local condos and townhouses sold in January was $149,888, up a massive 32.1% from the same time last year.
Based on recent trends, Chris Bishop, GLVAR's newly appointed president, expects 2018 to be another strong year for the Las Vegas housing market, which saw prices rise by 14% in the 2017 calendar year. He added: “It's possible we could even do better than last year in terms of appreciation.”
One reason he expects prices to keep increasing is that demand for homes in Southern Nevada continues to exceed the shrinking local housing supply - which remains below two months when a six-month supply is considered a balanced market.
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