Existing local home prices finally broke their all-time record, according to a report released Friday by Las Vegas REALTORS®. LVR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during February 2020 was $316,000. That was up 3.6% from January and up 6.7% from February of 2019. Meanwhile, LVR reported that the median price of local condos and townhomes sold in February was $175,000, the same as January and up 6.1% from February of 2019.
Before slowing down last year, 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 LVR, 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.
The total number of existing local homes, condos and townhomes sold during February was 3,089. Compared to the same time last year, February sales were up 25.7% for homes and up 14.0% for condos and townhomes. According to LVR, 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 total value of local real estate transactions tracked through the MLS during February was nearly $918 million for homes and more than $116 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales values in February were up 33.1% for homes and up 21.2% for condos and townhomes.
Local housing supply continues to shrink to historically low levels. The current sales pace equates to less than a two-month supply of homes available for sale. A six-month supply is considered a more balanced market. By the end of February, LVR reported 4,240 single-family homes listed for sale without any sort of offer. That’s down 40.6% from one year ago. For condos and townhomes, the 1,214 properties listed without offers in February represented a 30.8% drop from one year ago.
Despite that, homes and condos are selling at a slower pace than last year at this time. In February, 68.5% of all existing local homes and 66.9% of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 69.3% of all existing local homes and 69.7% of all existing local condos and townhomes sold within 60 days.
LVR reported that 25.1% of all local properties sold in February were purchased with cash. Meanwhile, the number of distressed sales remains near historically low levels. The association reported that short sales and foreclosures combined accounted for 2.5% of all existing local property sales in February. That compares to 2.6% of all sales one year ago, 3.8% two years ago and 10.6% three years ago.
These LVR statistics include activity through the end of February 2020. LVR 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.