According to a report released today by the Greater Las Vegas Association of REALTORS® (GLVAR), the median price for existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during July held steady at $290,000. That’s the same as June, but still up 11.5 percent from $260,000 in July of 2017. The median price of local condos and townhomes sold in July was $166,000, down slightly from June, but up 20.3 percent from the same time last year.
According to GLVAR, the median price of existing single-family homes sold in Southern Nevada peaked at $315,000 in June of 2006. Prices hit a post-recession bottom of $118,000 in January of 2012.
Southern Nevada has less than a two-month supply of existing homes available for sale when a six-month supply is considered a balanced market. By the end of July, GLVAR reported 4,787 single-family homes listed for sale without any sort of offer. That’s up from June but still down 4.2 percent from one year ago. For condos and townhomes, the 878 properties listed without offers in July represented a hefty 40.5 percent increase from one year ago.
The supply crunch
The total number of existing local homes, condos and townhomes sold during July was 3,955. Compared to one year ago, July sales were up 1.4 percent for homes and up 17.2 percent for condos and townhomes.
The total value of local real estate transactions tracked through the MLS during July was nearly $1.1 billion for homes and nearly $136 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales volumes in July were up 11.1 percent for homes and up 31.0 percent for condos and townhomes.
GLVAR reported that 22.6 percent of all local properties sold in July were purchased with cash, compared to 24.6 percent one year ago. At the same time, the number of so-called distressed sales continues to drop. GLVAR reported that short sales and foreclosures combined accounted for 2.9 percent of all existing local home sales in July, down from 6.4 percent of all sales one year ago.
These GLVAR statistics include activity through the end of July 2018. 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. Other highlights include:
About the GLVAR
GLVAR was founded in 1947 and provides its more than 14,000 local members with education, training and political representation. The local representative of the National Association of REALTORS®, GLVAR is the largest professional organization in Southern Nevada. Each GLVAR member receives the highest level of professional training and must abide by a strict code of ethics. For more information, visit www.LasVegasRealtor.com.