Home sales in the Pahrump Valley continue a strong year, as October saw 39 single-family homes sold.
The number of homes sold is a 30-percent increase over the same month last year when 30 single-family units were sold.
The volume of homes sold increased, but the average price a home sold for fell slightly, from $202,247 in October 2015, to $192,014 in October of this year, according to the Greater Las Vegas Association of Realtors.
Kim Washington, owner of Access Realty, explained that she believes the industry will only strengthen in the near future.
“It’s only going to get stronger and stronger,” Washington said of the real estate market. “Land is also starting to pop now too, and that’s always been trailing, so that’s a good sign.”
October was outpaced by the previous month, when September saw 44 single-family units sold in the valley, at an average price of $178,897.
Despite the volume drop off, GLVAR President Scott Beaudry explained that GLVAR’s local housing statistics show that the area, which includes Pahrump, displays unseen stability.
“Local home prices continue to appreciate at a slower rate year over year,” Beaudry said. “Overall, these GLVAR statistics show what a stable housing market we have. They also reflect some seasonal factors. The housing market tends to slow down in the fall as kids go back to school and the weather cools off, so it’s no surprise to see local home sales and prices cool off a bit in October.”
A lot of concern was placed on the recent presidential election, and with Donald Trump winning, Washington said that is a good thing for the economy.
“I think it will help us,” she said. “It will open up jobs, at least it seems like it’s working in that direction.”
With 378 single-family units sold so far in 2016, the valley only needs 31 more homes sold to eclipse 2015’s total of 408 units. This year’s total is already ahead of 2014’s total of 344 homes sold in 2014.
With an average of 38 single-family homes being sold per month in this year, the valley should pass last year’s mark once November’s home sale statistics are released early next month.
Going off last year’s final months, 76 homes were sold between November 2015 and December 2015. If that trend holds up the valley could see over 450 single-family units sold this year.
If that number does present itself, it would be the largest volume of single-family units sold since 2012 when 533 sold.
Washington doesn’t foresee a bubble situation happening again, as she sees the real estate market as being stable for the time being.
“I think it’s going to be more steady,” she said. “I don’t think that we’ll ever see a big bubble again, I think all of us (realtors) pretty much know.”
With a brief halt in construction, builders like Beazer Homes have big plans for Pahrump. Washington said that next year’s number should keep up with 2016’s pace.
“I think it will either match it or surpass it, because remember, the housing market they’re building now,” she said.
Contact reporter Mick Akers at makers@pvtimes.com. Follow @mickakers on Twitter.