Las Vegas Housing Prices Cool Down In November

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The Greater Las Vegas Association of REALTORS® (GLVAR) reported today that local home prices continued to cool down heading into the holidays, though home prices and sales are still up from one year ago.

The median price of existing single-family homes sold during November through GLVAR’s Multiple Listing Service (MLS) was $261,150. That’s down slightly from October, but up 8.8 percent from November 2016. The median price of local condos and townhomes sold in November was $141,500, up slightly from October and up 19.0 percent from the same time last year.

Housing prices tend to dip a bit and level off heading into the winter months. Still, demand continues to exceed the shrinking supply of homes available for sale. This tight housing supply has been presenting challenges for many buyers, especially those seeking lower-priced homes and condos. At the current sales pace, Southern Nevada still has less than a two-month supply of existing homes available for sale. A six-month supply is considered to be a balanced market.

By the end of November, GLVAR reported 4,538 single-family homes listed for sale without any sort of offer. That’s down 33.1 percent from one year ago. For condos and townhomes, the 735 properties listed without offers in November represented a 29.1 percent drop from one year ago.

Homes and condos continued to sell faster than last year at this time. In November, 82.3 percent of all existing local homes and 88.5 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 74.3 percent of all homes and 79.8 percent of all condos and townhomes sold within 60 days.

The total number of existing local homes, condos and townhomes sold during November was 3,202, a slight increase from November 2016. Compared to one year ago, sales were unchanged for homes and up 5.2 percent for condos and townhomes.

According to GLVAR, home sales so far in 2017 continue to run about 10 percent ahead of the pace from 2016, when 41,720 total properties were sold in Southern Nevada. At this rate, GLVAR statistics show that 2017 is on pace to be the best year for local home sales since at least 2012.

Of note, GLVAR reported that 28.5 percent of all local properties sold in November were purchased with cash, up from 26.9 percent one year ago. In recent years, GLVAR has been reporting fewer distressed sales and more traditional home sales, where lenders are not controlling the transaction. Short sales and foreclosures combined accounted for fewer than 5 percent of all existing home sales during November, compared to 10.5 percent of all sales one year ago.

The total value of local real estate transactions tracked through the MLS during November was nearly $810 million for homes and nearly $96 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales volumes in November were up 12.4 percent for homes and up 24.6 percent for condos and townhomes.

These GLVAR statistics include activity through the end of November 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.