Las Vegas Housing Market Enjoyed a Healthy 2015

Las Vegas-area home prices rose 6.4 percent last month as more homes sold in 2015 than in 2014, according to new data from the Greater Las Vegas Association of Realtors (GLVAR).

GLVAR reported the median price of existing single-family homes sold during December in Southern Nevada through its Multiple Listing Service (MLS) was $217,000, a 6.4 percent increase from December 2014. For 2015, this market saw a combined total of 38,578 single-family home, condominium, townhome and high-rise condo sales, up from the 2014 total sales figure of 35,806.

However, inventory continues to be a problem in this market. The total number of single-family homes listed for sale on GLVAR's MLS in December was 11,827, 4.4 percent lower than one year ago. A total of 3,094 condos, high-rise condos and townhomes were listed for sale on this MLS last month December, down 5.7 percent from one year ago.

Nonetheless, 2016 GLVAR President Scott Beaudry believed last year was a success for this market.

"I think 2015 will be remembered as the year the local housing market stabilized after the roller-coaster ride we had been on during the past decade or so," said Beaudry, adding that he expected more success in 2016, “but hopefully with an increase in our inventory.”