Prices increased throughout our market area during 2013. The median price of residential real estate rose by approximately 9% during the year. This is the largest single year gain we have seen since 2000 when our market was among the best in the nation. Through the third quarter, the national market increased by a similar amount (8.44%). The largest price gains were seen in the markets that were most depressed during the recent downturn. For example, prices in Las Vegas were up by 22.5% last year but they are still down 25% over the past five years. For comparison, Boulder County was up 8.11% (according to FHFA.gov) for the past year and up 7.44% over the past five years. Our one year appreciation ranks our market 60th out of approximately 300 market areas. The tide is rising.
The following graphs illustrate the price gains we saw this past year.