As the year comes to a close, Las Vegas real estate prices have begun to level off and are holding steady these days. This has helped both the Las Vegas property management market in many ways. We can begin to forecast their returns for our clients, while also providing reasonable rent increases that all parties are happy with. For Robinson Realty & Management, the past year has led to many landlords choosing to sell their homes and run up in home prices over the past few years. While this is great for Las Vegas property management investors, this causes stress for our residents. We encourage our investors to hold long-term, and with reasonable appreciation rates this is easy to do. We received a nice update for the residential resale and foreclosure report from our vendor SalesTraq for October 2015. The statistics are as follows:
"Pricing in the single family market held its ground in October when compared to September and continued its positive trend from a year ago. Single-family median prices remained at the post-recession high of $220,000 for the third consecutive month (up 10.1 percent for the year), while prices in the condominium/townhouse market stood at $105,000 (up 6.1 percent for the year). Availability has been on a seasonal rise, but remains below prior year levels. Single family effective availability equates to 3.4 months. Also, foreclosure volumes in southern Nevada continued to slow in October 2015, and fears of a wave of future inventory sourced to banks should be a non-issue."