Rising home prices and low inventory are the driving factors of what Las Vegas is calling one of their best years yet for the housing market. December closed out the year with only 7,508 homes on the market. This was down 13.9% from November and down 26.6% from December 2016. This low inventory drove the average list price to $476,261, up by 20.5% from December 2016.
The condo and townhouse market also experienced low inventory and increased prices. They rounded out the year with only 1,451 units available. This was down 11.5% from November, and down 19.5% from December 2016. The average list price rose to $175,772. This was up 3% from November and 23.7% from December 2016.
Not surprisingly, properties are not spending much time on the market. 61.2% of homes listed had offers within 30 days. That is up 9.7% from December of 2016. The condo market saw even faster movement with 71.3% of units on the market for less than 30 days. This is up 14.5% from December 2016.