If 2017 is any indication, 2018 is going to be an amazing real estate year in the Las Vegas valley. December 2017 was one of, if not, the strongest December for real estate sales in Las Vegas. With over 4,000 homes sales in December alone, 2018 is positioned to be an amazing year.
Current inventory is extremely low with only 3,800 single family homes on the market. A normal, balanced market would see 8,000-9,000 single family homes available. So we are definitely in a seller’s market with homes receiving multiple offers and many times over list price. Homes under $300,000 are receiving multiple offers within hours of hitting the market. Even high end homes in $600,000 – $800,000 are receiving multiple offers if they are priced appropriately.
Going toward spring, we are expecting an increase in inventory and more building of new construction, particularly in popular master planned communities like Summerlin, Inspirada and Cadence.