Home Sales Slowed, Supply Expanded in October

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The Greater Las Vegas Association of REALTORS® (GLVAR) reported that the median price for existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during October was $295,025. That was down 1.7 percent from September – when the median home price hit $300,000 for the first time in more than 11 years. October’s median home price was still up 12.2 percent from $263,000 in October of 2017. The median price of local condos and townhomes sold in October was $174,000. That’s up 24.3 percent from the same time last year.

By the end of October, GLVAR reported 6,919 single-family homes listed for sale without any sort of offer. That’s up 44.3 percent from one year ago. For condos and townhomes, the 1,562 properties listed without offers in October represented a hefty 102.9 percent increase from one year ago.

The total value of local real estate transactions tracked through the MLS during October was more than $943 million for homes and nearly $118 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales volumes in October were up 1.5 percent for homes and up 17.0 percent for condos and townhomes.

After seeing the local housing supply shrink over the past few years, it has expanded in recent months to an almost three-month supply. Six months’ supply is considered a balanced market.

The total number of existing local homes, condos and townhomes sold during October was 3,335. Compared to one year ago, October sales were down 9.6 percent for homes and down 2.1 percent for condos and townhomes.

GLVAR reported that 25.6 percent of all local properties sold in October were purchased with cash. That compares to 26.9 percent one year ago. The number of so-called distressed sales continues to drop each year. GLVAR reported that short sales and foreclosures combined accounted for just 3.0 percent of all existing local home sales in October, down from 5.2 percent of all sales one year ago.

In October, 85.8 percent of all existing local homes and 87.2 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 81.9 percent of all existing local homes and 89.0 percent of all existing local condos and townhomes sold within 60 days.

These GLVAR statistics include activity through the end of October 2018. 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.