Las Vegas Home Prices Rise 7.3% As Supply Tightens

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Southern Nevada’s housing supply remained tight, while local home prices and sales increased in March compared to one year ago, the Greater Las Vegas Association of REALTORS® (GLVAR) reported Wednesday.

The median price of existing single-family homes sold in Southern Nevada during March through its Multiple Listing Service (MLS) was $220,000. That was up 7.3 percent from $205,000 one year ago.

The median price of local condominiums and townhomes, including high-rise condos, sold in March was $118,000. That was up 2.6 percent from $115,000 one year ago.

According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in March was 3,488, up from 3,358 in March of 2015.

Compared to the same month one year ago, 2.8 percent more homes and 8.3 percent more condos and townhomes sold in March. So far this year, local home sales are ahead of the pace from 2015.

The supply has continued to tighten, with less than a three-month supply of homes available for sale at this pace. The total number of single-family homes listed for sale on the MLS in March was 13,429, down 0.8 percent from one year ago. GLVAR tracked a total of 3,572 condos, high-rise condos and townhomes listed for sale on its MLS in March, down 1.1 percent from one year ago.

By the end of March, 7,214 single-family homes were listed without any sort of offer. That’s down 0.6 percent from one year ago. For condos and townhomes, the 2,304 properties listed without offers in March represented a 5.8 percent decrease from one year ago.

Distressed sales have continued to decrease, with a corresponding increase in traditional home sales, as the housing market continues along the path to recovery. In March, 5.9 percent of all local sales were short sales – when lenders allow borrowers to sell a home for less than what they owe on the mortgage. That’s down from 8.3 percent of all sales one year ago. Another 7.1 percent of all March sales were bank-owned, down from 9.3 percent one year ago.

The median price of single-family homes sold as part of a short sale in March was $190,750, up from $165,000 one year ago. The median price of bank-owned homes sold in March was $180,038, up from $163,500 one year ago.

27.7 percent of all local properties sold in March were purchased with cash, down from 32.4 percent one year ago, according to GLVAR. That’s well short of the February 2013 peak of 59.5 percent, indicating that while cash buyers and investors are still more active in Southern Nevada than in most markets, their influence continues to wane.

These GLVAR statistics include activity through the end of March 2016. Other highlights include:

· The monthly value of local real estate transactions tracked through the MLS during March was nearly $734 million for homes and more than $106 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales volumes in March were up 8.4 percent for homes, but down 0.2 percent for condos and townhomes.

· In March, 65.5 percent of all existing local homes and 64.9 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 61.4 percent of all existing local homes and 60.9 percent of all existing condos and townhomes sold within 60 days.