Real Estate Market, Median Price for Las Vegas Homes Remains Steady

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The median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during October was $220,000, the same as the media price reported in August and September, according to a release from the Greater Las Vegas Association of REALTORS® (GLVAR).

Compared to one year ago, GLVAR said the median local home price during October was up 10.1% from $199,900 in October 2014. Meanwhile, the median price of local condominiums and townhomes, including high-rise condos, sold in October was $105,000. That was up 6.1% from $99,000 one year ago.

The total number of existing local homes, condominiums and townhomes sold in October was 3,020, up from 2,861 one year ago. Compared to October 2014, 4.7% more homes and 9.2% more condos and townhomes sold this October.

In October, 6.7% of all local home sales were short sales. That’s down from 10.6% one year ago. Another 7.5% of October sales were bank-owned, down from 8.9% one year ago.

The local real estate market via the housing supply remains relatively tight. The total number of single-family homes listed for sale on GLVAR’s MLS in October was 13,524, down 6.3% from one year ago. GLVAR tracked a total of 3,385 condos, high-rise condos and townhomes listed for sale on its MLS in October, down 7.3% from one year ago.

By the end of October, GLVAR reported 8,252 single-family homes listed without any sort of offer. That’s down 7.1% from one year ago. For condos and townhomes, the 2,314 properties listed without offers in October represented a 9.2% decrease from one year ago.

GLVAR said 30.9% of all local properties sold in October were purchased with cash. That’s down from 35.1% one year ago and nearly half of the February 2013 peak of 59.5%, indicating that cash buyers and investors are still more active in Southern Nevada than in most other parts of the country, but that their influence on the local housing market is waning.