Condos and Townhomes Seeing Gains in 2016
The Greater Las Vegas Association of Realtors recently announced that the Las Vegas housing market has made it through the slower winter months and is showing signs of having a healthy spring sales season. GLVAR reported that the median price of condominiums and townhomes was at $121,500 in February 2016, which is up 15.7 percent from $105,000 just a year ago.
“Considering that we just made it through what is traditionally our slowest time of the year in the local housing market, I’d have to say that we’re in pretty good shape,” said 2016 GLVAR President Scott Beaudry. “Our home prices and home sales tend to warm up with the weather, so I think we’re well-positioned to have a solid spring and summer. Unless something dramatic happens, I expect our recent trends of steadily rising prices and sales to continue this year.”
Condos and townhomes are seeing an uptick with buyers in 2016.
Local Housing Market Still Has Issues
While the local housing market is still seeing a smaller supply of homes and has one of the highest percentages of underwater homeowners in the nation, Las Vegas as a whole is coming back. Beaudry said of this, “We’re gradually overcoming these challenges as prices continue to rise, more homeowners building equity and the local economy continues to improve.”
This translates to condominium and townhome sales as well, simply because many buyers choose to go this route over purchasing a single-family home.
Sales Are Up in February 2016
The total number of existing homes, condos, and townhomes sold in February 2016 was 2,676, which is up from 2,452 in February 2015. Percentage wise, there were 7.5 percent more single-family homes and 15.8 percent more condos and townhomes sold in February 2016, compared to the same time period in 2015.
Real estate professionals need to understand that the real estate market as a whole, whether single-family homes, condominiums, or townhouses, is still healing. This means that there will be a natural ebb and flow in the market. While all signs are pointing toward the market healing, it is essential to be cautious to ensure you are working with the market, rather than against it.