Las Vegas Home Prices Hit $300,000 Milestone

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

September home prices in Southern Nevada hit $300,000 for the first time in more than 11 years, according to a report released by the Greater Las Vegas Association of REALTORS® (GLVAR). That’s up 1.7 percent from August and up 13.2 percent from $265,000 in September of 2017. The median price of local condos and townhomes sold in September was $170,000. That’s up 21.4 percent from the same time last year.

The median price of existing single-family homes sold in Southern Nevada peaked at $315,000 in June of 2006. Local home prices hit a post-recession bottom of $118,000 in January of 2012.

For the first time in years, Southern Nevada now has more than a two-month supply of existing homes available for sale. A six-month supply is considered a more balanced market. By the end of September, GLVAR reported 6,148 single-family homes listed for sale without any sort of offer. That’s up 23.7 percent from one year ago. For condos and townhomes, the 1,356 properties listed without offers in September represented a hefty 99.4 percent increase from one year ago.

The total number of existing local homes, condos and townhomes sold during September was 3,005. Compared to one year ago, September sales were down 16.4 percent for homes and down 13.4 percent for condos and townhomes.

Homes and condos continue to sell quickly. In September, 86.6 percent of all existing local homes and 90.3 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 82.9 percent of all existing local homes and 87.6 percent of all existing local condos and townhomes sold within 60 days.

The total value of local real estate transactions tracked through the MLS during September was more than $833 million for homes and more than $104 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales volumes in September were down 7.5 percent for homes, but up 1.3 percent for condos and townhomes.

GLVAR reported that 24.8 percent of all local properties sold in September were purchased with cash. That compares to 25.7 percent one year ago. Meanwhile, the number of distressed sales continues to drop. GLVAR reported that short sales and foreclosures combined accounted for just 2.5 percent of all existing local home sales in September, down from 5.2 percent of all sales one year ago.

These GLVAR statistics include activity through the end of September 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.