Southern Nevada Median Home Prices Still Rising

Posted on by & filed under Nevada by the Numbers Blog.

Southern Nevada home prices continued to rise in July as the local housing supply remained tight, according to the latest data from The Greater Las Vegas Association of REALTORS® (GLVAR).

GLVAR reported the median price of existing single-family homes sold during July through its Multiple Listing Service (MLS) increased to $236,000. That was up 7.3 percent from $218,000 one year ago.

 Meanwhile, GLVAR said the median price of local condominiums and townhomes, including high-rise condos, sold in July was $115,000, the same as last month and last year at this time.

According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in July was 3,447, down from 3,815 total sales in July of 2015. Compared to the same month one year ago, 7.2 percent fewer homes, and 4.2 percent fewer condos and townhomes sold in July.

Local home sales for the first half of 2016 had been 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.

Even with a slight drop in sales during July, Southern Nevada still has less than a three-month supply of homes available for sale. A six-month supply is considered to be a balanced market.

The total number of single-family homes listed for sale on GLVAR’s Multiple Listing Service in July was 13,217, down 3.8 percent from one year ago. GLVAR tracked a total of 2,401 condos, high-rise condos and townhomes listed for sale on its MLS in July, down 30.9 percent from one year ago.

By the end of July, GLVAR reported 7,338 single-family homes listed without any sort of offer. That’s down 1.3 percent from one year ago. For condos and townhomes, the 1,212 properties listed without offers in July represented a 48.0 percent decrease from one year ago.

In July, 5.7 percent of all local sales were short sales. That’s down from 7.1 percent of all sales one year ago. Another 5.9 percent of all July sales were bank-owned, down from 7.7 percent one year ago.

GLVAR reported that 25.8 percent of all local properties sold in July were purchased with cash, compared to 27.1 percent one year ago. That number is 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. 

Other highlights include:

·      The monthly value of local real estate transactions tracked through the MLS during July was nearly $783 million for homes and nearly $75 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales volumes in July were down 1.4 percent for homes and down 25.2 percent for condos and townhomes.

·      Homes sold faster in July, when 74.9 percent of all existing local homes and 68.8 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 69.4 percent of all existing local homes and 65.2 percent of all existing condos and townhomes sold within 60 days.