After 3 Months Steady, Las Vegas Home Prices Rise in June

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The median price for existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during June was $304,000, according to a report released by the Greater Las Vegas Association of REALTORS® (GLVAR).  That’s up 4.8% from $290,000 in June of 2018. Meanwhile, the median price of local condos and townhomes sold in June was $177,900 – up 6.5% from June of 2018.

Median SFR home prices had remained at $300,000 since March. Before stabilizing this year, local home prices had generally been rising since early 2012. According to GLVAR, the median price of existing single- family homes sold in Southern Nevada peaked at $315,000 in June of 2006 before falling to a post-recession bottom of $118,000 in January of 2012.

Just as prices have been appreciating more slowly, fewer homes have been selling this year compared to the previous few years. GLVAR reported a total of 42,876 local property sales in 2018, down from 45,388 in all of 2017. And 2019 is running behind last year’s sales pace.

The total number of existing local homes, condos and townhomes sold during June was 3,626. Compared to one year ago, June sales were down 11.1% for homes and down 12.0% for condos and townhomes. 

The total value of local real estate transactions tracked through the MLS during June was more than $1 billion for homes and nearly $137 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales values in June were down 6.9% for homes, and down 6.7% for condos and townhomes.

At the current sales pace, Southern Nevada has less than a three-month supply of homes available for sale. While the local housing supply is up from one year ago, it’s still below what would normally be considered a balanced market.

By the end of June, GLVAR reported 7,815 single-family homes listed for sale without any sort of offer. That’s up 80.3% from one year ago. For condos and townhomes, the 1,937 properties listed without offers in June represented a 135.6% jump from one year ago.

Homes and condos are selling at a slower pace than last year at this time. In June, 78.8% of all existing local homes and 77.7% of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 89.1% of all existing local homes and 91.2% of all existing local condos and townhomes sold within 60 days.

GLVAR reported that 20.2% of all local properties sold in June were purchased with cash, down from 22.9% one year ago. The number of distressed sales remains low, with short sales and foreclosures combined accounted for just 2.2% of all existing local property sales in June. That compares to 2.6% of all sales one year ago and 6.3% two years ago.

These statistics include activity through the end of June 2019. GLVAR distributes statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or homes for sale by owners.