Las Vegas Home Supply Shrinking

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The Greater Las Vegas Association of REALTORS® (GLVAR) reported today that the local housing supply is shrinking as Southern Nevada home sales increase and prices stabilize.

GLVAR reported the median price of existing single-family homes sold during September through its Multiple Listing Service (MLS) was $233,500. That was down slightly from $235,000 in August, but still up 6.1 percent from $220,000 one year ago.

Meanwhile, the median price of local condominiums and townhomes, including high-rise condos, sold in September was $115,000. That was unchanged from August, but down 3.4 percent from $119,000 one year ago.

According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in September was 3,541, up from 3,285 total sales in September 2015. Compared to the same month one year ago, 7.6 percent more homes, and 8.9 percent more condos and townhomes sold in September.

Local home sales are outpacing 2015, when GLVAR reported 38,578 single-family home, condominium, townhome and high-rise condo sales. That was more than in 2014, but fewer sales than during each of the previous five years.

The total number of single-family homes listed for sale on GLVAR’s Multiple Listing Service in September was 12,794, down 4.4 percent from one year ago. GLVAR tracked a total of 2,241 condos, high-rise condos and townhomes listed for sale on its MLS in September, down 34.8 percent from one year ago.

By the end of September, GLVAR reported 7,427 single-family homes listed without any sort of offer. That’s down 8.7 percent from one year ago. For condos and townhomes, the 1,161 properties listed without offers in September represented a 49.8 percent decrease from one year ago.

GLVAR said 25.6 percent of all local properties sold in September were purchased with cash, compared to 26.8 percent one year ago. That cash buyer percentage has stabilized in recent months. It’s still less than half of the February 2013 peak of 59.5 percent, suggesting that cash buyers and investors remain more active in Southern Nevada than in most markets, but that their influence continues to wane.

These GLVAR statistics include activity through the end of September 2016.