By Gerard Ramalaho. LAS VEGAS (KSNV) — 2018 was by far a large and positive year for the Southern Nevada housing market.
New construction adding inventory, and home values steadily increasing as builders project more growth.
However, there was a 4th quarter shift.
“We have approximately 67 percent of all homes on the market, have been on the market over 30 days with no offers,” said long-time Las Vegas Real Estate Broker Francesca Gilbert with Berkshire Hathaway Home Services.
Gilbert calls the shift a “normalization”.
“The National Association of Realtors is still predicting an increase in home values, but a much more moderate increase, somewhere around the 6 to 7-percent mark,” said Gilbert.
The normalization also means a different type of home buyer, she says.
“People go out and buy homes because they want to, they’re moving up, they’re moving down, they’re coming in from other states. It’s not an investor market,” said Gilbert