The Greater Las Vegas Association of REALTORS® (GLVAR) reported today that local home prices continued to rise while home sales stabilized in September.
GLVAR reported that the median price of existing single-family homes sold during September through its Multiple Listing Service (MLS) was $265,000, up 13.5 percent from September 2016. The median price of local condos and townhomes sold in September was $140,000, up 21.7 percent from the same time last year.
Home prices have been appreciating at a fairly steady rate of about 10 percent per year for the past few years. Growing demand and a shrinking supply of homes available for sale continues to present challenges for buyers, especially those seeking entry-level homes and condos. At the current sales pace, Southern Nevada still has less than a two-month supply of existing homes available for sale. A six-month supply is considered to be a balanced market.
By the end of September, GLVAR reported 4,969 single-family homes listed for sale without any sort of offer. That’s down 33.1 percent from one year ago. For condos and townhomes, the 680 properties listed without offers in September represented a 41.4 percent drop from one year ago.
The total number of existing local homes, condos and townhomes sold during September was 3,571, up from 3,541 in September 2016. Compared to one year ago, sales were down 0.4 percent for homes, but up 7.0 percent for condos and townhomes.
Homes and condos continued to sell faster than last year at this time. In September, 82.9 percent of all existing local homes and 87.6 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 76.1 percent of all existing local homes and 77.3 percent of all existing local condos and townhomes sold within 60 days.
The total value of local real estate transactions tracked through the MLS during September was nearly $901 million for homes and nearly $103 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales volumes in September were up 15.2 percent for homes and up 34.4 percent for condos and townhomes.
GLVAR reported that 25.7 percent of all local properties sold in September were purchased with cash, similar to last month and up slightly from 25.6 percent in September of last year.
There were also fewer distressed sales and more traditional home sales. Only 2.9 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 4.6 percent of all sales in September 2016. Another 2.3 percent of all September sales were bank-owned, down from 6.0 percent one year ago.
These GLVAR statistics include activity through the end of September 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.