Las Vegas Home Prices Ease Slightly in January

Posted on by & filed under Nevada by the Numbers Blog.

A report by the Greater Las Vegas Association of REALTORS® (GLVAR) shows that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during January 2020 was $305,000. That was down 2.6% from December, but up 1.7% from January of 2019. Meanwhile, the median price of local condos and townhomes sold in January was $175,000. That was down 1.7% from December, but up 2.9% from January of 2019.

Before slowing down in the last year or so, local home prices had been soaring since early 2012, posting double-digit gains from year to year while climbing back from their post-recession low point. 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 during the recession. Local home prices hit a post-recession bottom of $118,000 in January of 2012. GLVAR expects a new record will be set this year.

The total number of existing local homes, condos and townhomes sold during January was 2,875. Sales were down from December. But compared to the same time last year, January sales were up 25.2% for homes and up 22.8% for condos and townhomes. The total value of local real estate transactions tracked through the MLS during January was nearly $814 million for homes and nearly $117 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales values in January were up 27.0% for homes and up 31.5% for condos and townhomes.

Homes and condos are selling at a slower pace than last year at this time. In January, 68.8% of all existing local homes and 66.2% of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 72.0 percent of all existing local homes and 71.2 percent of all existing local condos and townhomes sold within 60 days.

According to GLVAR, the total number of existing local homes, condos and townhomes sold in Southern Nevada during 2019 was 41,269. That was down from 42,876 total sales in 2018 and from 45,388 in 2017. The local housing inventory started 2020 the way it ended in 2019, with just over a two-month supply of homes available for sale, with the supply shrinking from the previous month and year.

By the end of January, GLVAR reported 4,906 single-family homes listed for sale without any sort of offer. That’s down 32.4% from one year ago. For condos and townhomes, the 1,418 properties listed without offers in January represented a 16.7% drop from one year ago.

GLVAR reported that 24.3% of all local properties sold in January were purchased with cash. That compares to 24.9% one year ago. Meanwhile, GLVAR reported that short sales and foreclosures combined accounted for 2.7% of all existing local property sales in January. That compares to 2.8% of all sales one year ago, 4.3% two years ago and 11% three years ago.

These GLVAR statistics include activity through the end of January 2020. 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.