The Greater Las Vegas Association of REALTORS® (GLVAR) reported Tuesday that Southern Nevada home prices rose in January.
According to GLVAR, the median price of existing single-family homes sold during January through its Multiple Listing Service (MLS) increased to $238,000. That was up 1.3 percent from December and up 8.7 percent from $219,000 in January 2016. Meanwhile, the median price of local condos and townhomes sold in January was $113,500, up slightly from December, but down 5.4 percent from January 2016.
The total number of existing local homes, condos and townhomes sold in January was 2,675, up from 2,348 in January 2016. Compared to one year ago, sales were up 14.1 percent for homes and up 13.2 percent for condos and townhomes.
The housing supply is still tight, with less than a three-month supply of homes available for sale when a six-month supply is considered to be a balanced market.
By the end of January, GLVAR reported 5,852 single-family homes listed for sale without any sort of offer. That’s down 21.2 percent from one year ago. For condos and townhomes, the 811 properties listed without offers in January represented a 63.4 percent decrease from one year ago.
Distressed sales continued to decline in January, with short sales making up 4.2 percent of all local sales. That’s down from 7.0 percent of all sales in January 2016. Another 6.8 percent of all January sales were bank-owned, down from 7.9 percent one year ago.
29.8 percent of all local properties sold in January were purchased with cash, compared to 31.1 percent in January 2016. That’s well short of the February 2013 peak of 59.5 percent, but cash buyers and investors are still more active in Southern Nevada than in most markets.
These GLVAR statistics include activity through the end of January 2017. 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.
Also, the latest numbers from Home Builders Research show that January’s active housing projects are the highest seen in that month since 2009. New home sales in January are at their best in a decade: