Home sales up nearly 14 percent in November

Home sales in the valley continue to outpace the last few years as November saw 33 single-family units sold.

According to the Greater Las Vegas Association of Realtors, the 33 homes sold for an average of $188,903, with both those marks being above November 2015. Last November saw 29 homes sold for an average of $155,000.

The heightened sales represent just under a 14-percent increase in volume and a nearly 22-percent jump in the average sale price.

Scott Beaudry, GLVAR President, explained that the rise in home sale prices is something that is being seen throughout Southern Nevada.

“It’s a good sign to see home prices going up and still appreciating at a healthy clip compared to last year at this time,” Beaudry said. “Last November, prices were flat. In past years, home sales usually saw a slight dip in prices heading into the holidays.”

Despite the usual trend around this time of year, Beaudry explained that 2016 looks to be going in a different direction sales-wise.

“I’m pleased to see more homes selling this year,” he said. “It might be because people want to buy before the end of 2016. I hope that trend continues, even with mortgage rates going up a bit lately.”

If last year’s performance holds true this year, the year should close out on a healthy note as 47 single-family units were sold in Pahrump in December 2015, which was the most homes sold in any month last year.

With the 33 homes sold in November added to the yearly total, it brings the number of single-family units sold in Pahrump to 411, which already eclipsed 2015’s total of 408 homes sold, with December to go.

With an average of 37 homes being sold per month in 2016, this year is on pace to sell 448 homes, which would be one of the strongest years in the housing market in the valley in the last decade.

The best year in the last 10 years was 2012, where 533 homes were sold. After that, 2009 saw 486 homes sold and 2011 saw 459 homes sold in Pahrump.

Through November, single-family unit sales have generated $2.05 million from the 411 homes sold. That is ahead of 2015’s pace though the first 11 months of $1.97 million in sales.

The average price a single-family unit has sold for this year is around $170,000, ahead of 2015’s average of $164,166.

Contact reporter Mick Akers at makers@pvtimes.com. Follow @mickakers on Twitter.