Sunday, July 1, 2018

Las Vegas Single Family Housing Market vs. the Condo Market – Who Wins?

(Click on the image to enlarge)
After reaching a peak median price of $265K in August 2017, the Las Vegas housing market started trending down, though reversing sharply in February 2018. If this new trend continues, it would be very bullish with new highs in coming months. Of course, the sideways or downside possibilities loom as well. Both trendlines are confirming the rise as well as the fall.

The condo market, on the other hand, has been extremely volatile, broadly flatlining and trendlessly moving sideways. Though a soft support has formed around $115K, any breach again could force the market to retest the July lows. While the primary trendline shows the flat market, the 2-Mo Moving Average additionally projects how volatile the market has become.    

The winner here is obvious - the housing market. In fact, the normalized housing trend (not shown) has a near-perfect linear growth slope, proving that the market internals are extremely robust.

- Sid Som, MBA, MIM
President, Homequant, Inc.
homequant@gmail.com

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