The Greater Las Vegas Association of REALTORS® (GLVAR) reported that the median price for existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during August was $295,000, matching the median price in May. That’s up 1.7 percent from July and up 13.5 percent from $260,000 in August of 2017. The median price of local condos and townhomes sold in August was $169,950. That’s up 2.4 percent from July and up 23.8 percent from the same time last year.
Home prices and sales are starting to soften around the country, indicating a slowdown in appreciation and a shift into a more neutral market as opposed to a seller’s market.
At this rate, it may be some time before Southern Nevada home prices surpass their all-time peak, like they have in most markets around the country. According to GLVAR, the median price of existing single-family homes sold in Southern Nevada peaked at $315,000 in June of 2006. Prices hit a post-recession bottom of $118,000 in January of 2012.
The total value of local real estate transactions tracked through the MLS during August was nearly $1.1 billion for homes and more than $146 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales volumes in August were up 11.0 percent for homes and up 34.2 percent for condos and townhomes.
While the housing supply increased in August, Southern Nevada still has less than a two-month supply of existing homes available for sale when a six-month supply would be a balanced market. By the end of August, GLVAR reported 5,818 single-family homes listed for sale without any sort of offer. That’s up from July and up 12.8 percent from one year ago. For condos and townhomes, the 1,184 properties listed without offers in August represented a 73.4 percent increase from one year ago.
The total number of existing local homes, condos and townhomes sold during August was 3,881. Compared to one year ago, August sales were down 6.4 percent for homes, but up 11.0 percent for condos and townhomes. Overall, he said sales so far this year remain behind last year’s pace.
In August, 87.5 percent of all existing local homes and 90.2 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 83.3 percent of all existing local homes and 90.4 percent of all existing local condos and townhomes sold within 60 days.
GLVAR reported that 24.8 percent of all local properties sold in August were purchased with cash. That compares to 25.8 percent one year ago. The number of distressed sales continues to drop, as short sales and foreclosures combined accounted for 2.5 percent of all existing local home sales in August, down from 6.1 percent of all sales one year ago.
These GLVAR statistics include activity through the end of August 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.