Significant median price gains in listing starved Las Vegas townhome market
If you are looking for accurate Greater Las Vegas townhome market updates, this is one of the few places that you can find one.
The reason is that most Realtors along with all news organizations use the Realtor Association’s monthly publication data and below is from the May 2017 publication.
“The median price of local condos and townhouses sold in May was $137,950, up 12.2 percent from April and up 15.1 percent from May 2016”!!!
There are two problems here:
1: Townhome market is separate from the condo market and median price escalations are different, so they shouldn’t be mixed.
2: The darn thing is WRONG, the median price of townhomes and condos didn’t appreciate by 12.2% from the previous month and the right number is 6.2% additionally it is up by 20% from the past May.
So we are providing you with the overview of Las Vegas townhome market since recovery.
Median prices of Las Vegas townhomes since recovery of 2012
|January 2012||January 2013||January 2014||January 2015||January 2016||January 2017||June 2017|
|Median price of Las Vegas town homes||$70,000||$90,000||$125,000||$125,000||$150,000||$163,000||$185,000|
The median price of townhomes is up by an amazing 23.3% from January 2016 and 13.2% in the first 5 months of 2017.
Accelerating price gains are due to severe shortage of inventory of Las Vegas townhomes for sale listings in the MLS and increasing demand.
Only two luxury townhouses sold for more than $500,000 in 2016. The rest have sold for $430,000 to less than $30,000 for older townhouses that need a great deal of work to make them habitable.
We predict that real pricing for townhouses that are priced at or below the median price to appreciate by another 10% by June 2018. However, given that these unbelievable price gains are due to a starving market, long-term prospects are suspect.
We do not use GLVAR data and do our own research, so for the most accurate townhouse market reports, visit Las Vegas real estate market updates-housing market for the latest information.