Local home sales and prices continued to increase in July compared to the same time last year, according to a report released today by the Greater Las Vegas Association of REALTORS® (GLVAR).
The median price of homes sold through its Multiple Listing Service (MLS) during July was $218,000, up 9.0 percent from $200,000 one year ago. The median price of local condominiums and town homes, including high-rise condos, sold in July was $115,000. That was up 8.5 percent from $106,000 one year ago. July’s median price for local homes, as well as for condominiums, town homes and high-rise condos, was within 1 percent of where it was the previous month.
According to GLVAR, the total number of existing local homes, condominiums and town homes sold in July was 3,815, up from 3,314 one year ago. Compared to July 2014, 20.4 percent more homes, but 5.5 percent fewer condos and town homes, sold this July.
In July, 7.1 percent of all local sales were short sales, down from 11.5 percent one year ago. Another 7.7 percent of July sales were bank-owned, down from 9.1 percent one year ago.
The total number of single-family homes listed for sale on GLVAR’s MLS in July was 13,616, down 0.7 percent from one year ago. GLVAR tracked a total of 3,465 condos, high-rise condos and town homes listed for sale on its MLS in July, down 4.4 percent from one year ago.
By the end of July, GLVAR reported 7,636 single-family homes listed without any sort of offer. That’s up 5.1 percent from one year ago. For condos and town homes, the 2,320 properties listed without offers in July represented a 0.4 percent decrease from one year ago.
GLVAR said 27.1 percent of all local properties sold in July were purchased with cash. That’s down from 28.4 in June and from 35.6 percent one year ago. It’s well short of the February 2013 peak of 59.5 percent, indicating that cash buyers and investors are still a factor in the local housing market but that their influence is waning with each passing month.
Other highlights from the GLVAR report include:
- The monthly value of local real estate transactions tracked through the MLS during July was nearly $822 million for homes and more than $90 million for condos, high-rise condos and town homes. Compared to one year ago, total sales volumes in July were up 29.6 percent for homes, but down 3.1 percent for condos.
- In July, 69.4 percent of all existing local homes and 65.2 percent of all existing condos and town homes sold within 60 days. That compares to one year ago, when 70.4 percent of all existing local homes and 62.5 percent of all existing condos and town homes sold within 60 days.