After going back over $220,000 last June in 2015, the median price of homes sold for single-family, re-sale homes has fluctuated between $220,000 and $236,000, which is the highest level the median price has reached since May 2008. Home sales, meanwhile, were higher in August by about 24% over their average since 2009. Year-Over-Year, average sales price is up 5%.
Active listings, on the other hand, have been lower than the year before for the past ten months. As of August 10th, there were 7,408 homes for sale compared to an average of 10,448 since January 2009. Falling inventory usually results in increasing prices, and that’s what we’ve been seeing.
Two more statistics that provide clues as to the state of the market are Days of Inventory (DOI) and Days on Market (DOM). Days of Inventory refers to the how long it would take to sell all active listings at the current rate of sales (Active Listings)/(Sales). In August, Days of Inventory was 66. The average in Clark County since January 2009 is 134 days. Days on Market measures how long it takes from when a home is actively listed to when it goes into escrow. In August, that number was 52. The average is 62 days. These numbers confirm that inventory is low and homes are selling quickly, which, again, points to prices staying high.
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