Las Vegas Home Prices and Sales Continue Gains in March

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

The recent trend of rising home prices and sales in Southern Nevada continued through March, according to a report released Friday by the Greater Las Vegas Association of REALTORS® (GLVAR).

GLVAR reported the median price of existing single-family homes sold during March through its Multiple Listing Service (MLS) increased to $242,000. That was up 0.8 percent from February and up 10.0 percent from March 2016.

Meanwhile, the median price of local condos and townhomes sold in March was $122,950, up 4.2 percent from February and up 4.2 percent from March 2016. 

Local home sales have also been increasing this year. The total number of existing local homes, condos and townhomes sold in March was 3,903, up from 3,488 in March 2016. Compared to one year ago, sales were up 14.8 percent for homes and up 0.4 percent for condos and townhomes.

At the current sales pace, Southern Nevada has less than a three-month supply of homes available for sale. A six-month supply is considered to be a balanced market.

By the end of March, GLVAR reported 5,488 single-family homes listed for sale without any sort of offer. That’s down 23.9 percent from one year ago. For condos and townhomes, the 715 properties listed without offers in March represented a 69.0 percent drop from one year ago.

Distressed sales are continuing to decline March, when 4.4 percent of all local sales were short sales – which occur when lenders allow borrowers to sell a home for less than what they owe on the mortgage. That’s down from 5.9 percent of all sales in March 2016. Another 5.4 percent of all March sales were bank-owned, down from 7.1 percent one year ago.

GLVAR said 29.5 percent of all local properties sold in March were purchased with cash, a rise compared to 27.7 percent in March 2016, indicating that cash buyers and investors are still more active in Southern Nevada than in most markets.

The total value of local real estate transactions tracked through the MLS during March was more than $907 million for homes and more than $94 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales volumes in March were up 23.7 percent for homes, but down 11.2 percent for condos and townhomes.

Homes and condos continued to sell faster than last year at this time. In March, 75.9 percent of all existing local homes and 81.2 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 65.5 percent of all homes and 64.9 percent of all condos and townhomes sold within 60 days.

These GLVAR statistics include activity through the end of March 2017. 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.