Median Price, Total Sales of Las Vegas Homes Up

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The median price of Las Vegas homes sold through the Multiple Listing Service (MLS) during April was $212,568, up 3.7% from $205,000 in March and up 10.7% from one year ago, according to a press release from The Greater Las Vegas Association of REALTORS® (GLVAR).

The median price of local condominiums and townhomes, including high-rise condos, sold in April was $115,000. That was unchanged from March but up 15.0% over one year ago.

According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in April was 3,379, up from 3,358 in March and up from 3,215 one year ago. Compared to the previous month, GLVAR reported that sales were up 1.7% for single-family homes, but down 3.8% for condos and townhomes. Compared to April 2014, 5.3% more homes and 4.3% more condos and townhomes sold this April.

Increased sales pace, combined with a continued tight supply of homes available for sale, means Southern Nevada has less than a three-month supply of available homes, according to the release.

GLVAR has been reporting fewer distressed sales and more traditional home sales, where lenders are not controlling the transaction. In April, 7.2% of all local sales were short sales. That’s down from 8.3% in March and down from 12.4% one year ago. Another 8.3% of April sales were bank-owned, down from 9.3% in March and down from 11.4% last April.

The total number of single-family homes listed for sale on GLVAR’s MLS in April was 13,750, up 1.6% from 13,532 in March, but down 0.6% from one year ago. GLVAR tracked a total of 3,626 condos, high-rise condos and townhomes listed for sale on its MLS in April, up 0.4% from 3,613 in March, but down 1.9% from one year ago.

GLVAR said 30.4% of all local properties sold in April were purchased with cash. That’s down from 32.4% in March and from 41.4% one year ago. It’s also well short of the February 2013 peak of 59.5%, suggesting that investors are still a factor in the local housing market but less so than in past years.

Other highlights from the press release include:

The monthly value of local real estate transactions tracked through the MLS during April increased by 4.8% for homes to more than $709 million.

For condos, high-rise condos and townhomes, April sales totaled nearly $99 million, down 7.5% from March. Compared to one year ago, total sales volumes in April was up 16.8% for homes and up 19.1% for condos.

In April, 65.4% of all existing local homes and 65.8% of all existing condos and townhomes sold within 60 days. That compares to March, when 61.4% of all existing local homes and 60.9% of all existing condos and townhomes sold within 60 days.

Note:  These GLVAR statistics include activity through the end of April 2015. GLVAR distributes such statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or for sale by owners.