Over the years, records show that home prices in Southern Nevada are rising. Golden Assets & Property Management LLC (GAPM), with its years of experience in real estate and rental properties, is kept abreast of the latest market trends.
In Southern Nevada specifically, a hike in property prices was observed.
It would seem that Southern Nevada is undergoing a period wherein housing supply is restricted, predictably leading to a price increase in homes and properties for sale.
Below is a breakdown of the figures showing a price hike of home properties in Southern Nevada:
For average single-family homes, prices increased from around $218,000 in July 2015 to $236,000 currently.
On the other hand, prices of townhouses and condominiums remained at the $115,000 mark.
It was further stated in a record in July 2016 that less condominiums and townhouses have been sold in that span of time with only just over 3,400 condominiums and townhouses sold, which is a significant dip from 3,800 sales.
The report further stated a decline in cash purchases in transactions, which took a dip from 27% to 26%.
Stabilized cash sales meanwhile showed a decline in comparison with records in February 2013.
Home prices as well as for any other real estate property has been observed to rise through the years. More and more people are investing in properties, seeing as it is a good investment and a lucrative business if managed well.
This results to a decrease in home supplies. Subsequently, this lack of “balance” leads to higher pricing. A 6 month supply of homes is what constitutes a “balanced” market in real estate.If you’re an investor who’s looking to invest in properties or looking to buy properties for sale in Las Vegas, Golden Assets and Property Management (GAPM) can readily provide you with information and all that you need to jump-start your business. To know more, check out this page or contact any member of our company at 702-651-8886.