On SecondShelters.com: Revisiting The Recession’s Crater in Las Vegas

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Single Family Resale Median Prices

News media loves the biggest car crash, so during the Recession, Las Vegas and a few other cities were ever-present in the headlines of bad real estate news.  The table above illustrates how deep the crater went and how far it’s returned to pre-Recession levels. For homebuyers in the market, you may have missed out on the gains from the depths of the market, but there is still room for building equity.

I say that because, as of March 2018, The Greater Las Vegas Association of Realtors reports just over a month’s supply of homes on the market with roughly 30 percent fewer homes listed this past year (but 6.4 percent more condos).  Couple that with a 15.7 percent year-over-year increase in single-family home sales prices and a 30.1 percent increase in condo prices. That translates into a median single-family home selling price of $280,000 and $160,000 for condos and townhomes.  That compares with a historical average of 5 percent annual appreciation.  All this activity and you’d think you were in Dallas.

Head over to SecondShelters.com for more on the Las Vegas real estate heatwave.

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Jon Anderson

Jon Anderson is CandysDirt.com's condo/HOA and developer columnist, but also covers second home trends on SecondShelters.com. An award-winning columnist, Jon has earned silver and bronze awards for his columns from the National Association of Real Estate Editors in both 2016, 2017 and 2018. When he isn't in Hawaii, Jon enjoys life in the sky in Dallas.

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