Las Vegas Home Prices Cool in January, Still Up From 2017

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Local home prices cooled off slightly in January but are still up more than 11 percent from one year ago, according to a report released today by the Greater Las Vegas Association of REALTORS® (GLVAR).

GLVAR reported that the median price for existing single-family homes sold in Southern Nevada during January through its Multiple Listing Service (MLS) dipped to $265,000. That’s down 1.1 percent from December, but still up 11.3 percent from January of 2017.

Meanwhile, the median price of local condos and townhomes sold in January was $149,888, up 32.1 percent from the same time last year.
January is traditionally one of the slowest months for home sales and for home prices. This month’s report reflects that.”

Demand for homes in Southern Nevada continues to exceed the shrinking local housing supply – which remains below two months when a six-month supply is considered a balanced market. By the end of January, GLVAR reported 3,718 single-family homes listed for sale without any sort of offer. That’s down 36.5 percent from one year ago. For condos and townhomes, the 634 properties listed without offers in January represented a 21.8 percent drop from one year ago and the lowest inventory since 2004.

The total number of existing local homes, condos and townhomes sold during January was 2,812. Compared to one year ago, January sales were up 5.5 percent for homes and up 3.8 percent for condos and townhomes. The total value of local real estate transactions tracked through the MLS during January was nearly $697 million for homes and more than $87 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales volumes in January were up 19.6 percent for homes and up 26.6 percent for condos and townhomes.

In January, 76.8 percent of all existing local homes and 83.1 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 71.4 percent of all existing local homes and 78.6 percent of all existing local condos and townhomes sold within 60 days.

GLVAR reported that 29.2 percent of all local properties sold in January were purchased with cash, compared to 29.8 percent one year ago. At the same time, the number of so-called distressed sales continues to decline. GLVAR reported that short sales and foreclosures combined accounted for 4.3 percent of all existing local home sales in January, compared to 11 percent of all sales one year ago.

These GLVAR statistics include activity through the end of January 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.