Las Vegas Home Prices Stay Level in November

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A report released Friday by the Greater Las Vegas Association of REALTORS® (GLVAR) shows home prices in Southern Nevada stayed the same from October to November but are still up from one year ago.

GLVAR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during November was $307,000. That’s the same median price as October, but up 4.1% from $295,000 in November of 2018. Meanwhile, the median price of local condos and townhomes sold in November was $175,000. That was up 6.1% from $164,900 in November of 2018.

Before slowing down this year, local home prices had been soaring since early 2012, posting double-digit gains from year to year while climbing back toward their all-time peak. According to GLVAR, the median price of existing single-family homes sold in Southern Nevada peaked at $315,000 in June of 2006 before prices began falling during the recession. Local home prices hit a post-recession bottom of $118,000 in January of 2012.

The total value of local real estate transactions tracked through the MLS during November was nearly $880 million for homes and more than $101 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales values in November were up 12.4% for homes and up 2.5% for condos and townhomes.

Homes and condos are selling at a slower pace than last year at this time. In November, 73.3% of all existing local homes and 74.8% of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 82.4 percent of all existing local homes and 85.3 percent of all existing local condos and townhomes sold within 60 days.

The total number of existing local homes, condos and townhomes sold during November was 2,946. Compared to one year ago, November sales were up 5.0% for homes, but down 4.6% for condos and townhomes.

By the end of November, GLVAR reported 6,531 single-family homes listed for sale without any sort of offer. That’s down 6.7% from one year ago. For condos and townhomes, the 1,711 properties listed without offers in November represented a 6.6% increase from one year ago.

While the local housing supply had been increasing for much of 2019, it’s still well below the six-month supply that is considered to be a more balanced market. At the current sales pace, Southern Nevada has less than a three-month supply of homes available for sale.

GLVAR reported that 23.7% of all local properties sold in November were purchased with cash. That’s down from 26.1% one year ago. That’s also well below the February 2013 peak of 59.5%. Along the same lines, the number of distressed sales remains near historically low levels. GLVAR reported that short sales and foreclosures combined accounted for just 2.0% of all existing local property sales in November. That compares to 2.6% of all sales one year ago and just under 5% two years ago.

These GLVAR statistics include activity through the end of November 2019. 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.