May 24, 2024

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Southern Nevada residence charges hold solid to commence 2021 | Neighborhood

LAS VEGAS (FOX5) — Southern Nevada house price ranges are holding strong to begin 2021 with property offer continue to shrinking, according to a report produced Monday by Las Vegas Realtors. 

The median price tag of current solitary-family residences bought in Southern Nevada in January held continuous at $345,000, tying the all-time file set in November and tied in December 2020. It is also up 13.1% from the median price of $305,000 in January 2020, LVR claimed.

Nearby condos and townhomes saw comparable gains from a yr ago, LVR reported. The median price for condos and townhomes was $193,000 in January, up 10.3% from $175,000 in January 2020. 

“The local housing industry carries on to carry out far better all through this pandemic than most of us expected,” 2021 LVR President Aldo Martinez mentioned. “This month’s figures are primarily encouraging when you take into account that January is commonly just one of the slowest months for equally residence revenue and selling prices.”

Martinez also reported the offer for properties for sale stays beneath the 6-thirty day period provide viewed as to be a well balanced market place. Martinez approximated Southern Nevada’s income pace in January equated to fewer than a a person-month source of properties.

“There has been a whole lot of news recently about the area and nationwide housing offer being at or near an all-time very low,” Martinez stated. “But this also offers a good chance for sellers, who’ve never found a far better time to provide their home for major dollar.”

Southern Nevada’s housing current market has largely reflected countrywide developments through the COVID-19 pandemic, with a lack of households in the current market, minimal home finance loan desire costs and file home selling prices.

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