Real estate:

Tight housing market expected to keep driving prices up

An exterior view of the Allure condo tower on Sahara Avenue on Monday, July 15, 2013.

The inventory of condominiums listed for sale in the Las Vegas area is the smallest it has been since 2004, said Chris Bishop, president of the Greater Las Vegas Association of Realtors.

The association reported 634 condos and townhomes were listed without offers at the end of January, a 21.8 percent decline from the same time last year. The median prices also increased 32.1 percent from last year to $149,888.

Also, 3,718 single-family homes were listed without an offer, down 36.5 percent from last year, according to the association.

Transaction prices in January for existing single-family homes averaged $265,000, a decline of 1.1 percent from December but up 11.3 percent from January 2017.

“It’s normal to see home prices dip down a bit this time of year,” Bishop said in a statement. “January is traditionally one of the slowest months for home sales and for home prices. This month’s report reflects that.”

In 2017, home prices increased by 14 percent over the previous year.

That upward trend should continue in 2018, as demand exceeds a shrinking housing supply, according to the association.

“It’s possible we could even do better than last year in terms of appreciation,” Bishop said.

Real Estate