Despite have a relatively low level of available supply, which in now less than three months, we are observing very little price pressure outside of a few key areas. When price does not rise against this low level of supply, it indicates that demand is moderate. However, homes that are priced close to the neighborhood comps and are getting offers, it's just not the furious level of activity we experienced over a much of the recovery.
While home prices have trended sideways, underlying fundamentals in the region continue to improve. So far in 2016, the first three months of available data indicates that visitor volume has exceed the levels of the same months of 2015. Employment and taxable sales are also in favorable trajectories. The Census Bureau now puts the region at 2,114,801 persons. From 2014 to 2015, the net increase in housing units within Clark County grew by 8,386 units. The Census Bureau estimates that population grew by 45,655 persons during the same period. At 2.5 persons per household, that would typically be demand for about 18,262 units, so the difference between demanded units and newly built units corresponds to the decrease in vacancy rates we are seeing and hearing about anecdotally.
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