A recent Las Vegas Realtors report shows local home prices continuing to heat up with more homes available for sale.
LVR reported the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service during May was $473,000. That’s up 7 percent from $442,120 in May 2023. But local home prices are still below the all-time record of $482,000 set in May 2022.
The median price of local condos and town homes sold in May was $295,000, up 7.3 percent from $275,000 in May 2023. That’s an all-time high, surpassing the $290,000 mark set in April.
LVR President Merri Perry, a longtime local Realtor, said local housing prices have been increasing this year despite recently rising mortgage interest rates. At the same time, she was encouraged to see increases in both the number of homes being sold and the number of properties available for sale.
“Although the demand for housing here in Southern Nevada continues to outpace our supply, increased sales and inventory are positive signs for consumers and for our members,” Perry said.
By the end of May, LVR reported 3,869 single-family homes listed for sale without any sort of offer. That’s up 6.1 percent from one year earlier. Meanwhile, the 1,324 condos and town homes listed without offers in May represent a 43.1 percent increase from one year earlier.
LVR reported a total of 3,091 existing local homes, condos and town homes sold in May. Compared to May 2023, sales were up 3.7 percent for homes and up 0.9 percent for condos and town homes. The sales pace in May equates to less than a two-month housing supply, which is similar to one year ago and still considered a tight supply by historical standards.
Home sales have been rebounding from 2023, which was the slowest year for existing local home sales since 2008. LVR reported a total of 29,069 sales of existing local homes, condos and town homes in 2023. That was down from 35,584 total sales in 2022. That followed a record year for existing local home sales in 2021, when LVR reported 50,010 total properties were sold.
During May, LVR found that 25.7 percent of all local property sales were cash transactions. That’s up from 21.9 percent one year ago but well below the May 2013 cash buyer peak of 59.5 percent.
The number of distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 1.1 percent of all existing local property sales in May. That compares with 1.2 percent one year ago, 0.6 percent two years ago, 0.7 percent three years ago, 1.5 percent four years ago and 2 percent of all sales five years ago.
The LVR statistics include activity through the end of May. LVR distributes statistics each month based on data collected through its MLS, which does not account for all newly constructed homes sold by local builders or homes for sale by owners. Other highlights include:
■ The total value of local real estate transactions tracked through the MLS during May was more than $1.4 billion for homes and nearly $216 million for condos, high-rise condos and town homes. Compared with one year earlier, total sales values in May were up 10.6 percent for homes and up 9.6 percent for condos and town homes.
■ In May, 85.7 percent of all existing local homes and 85.6 percent of all existing local condos and town homes sold within 60 days. That compares to one year earlier, when 77.1 percent of all homes and 79.1 percent of all condos and town homes sold within 60 days.
Las Vegas Realtors, formerly known as Greater Las Vegas Association of Realtors, was founded in 1947 and provides its nearly 17,000 local members with education, training and political representation. The local representative of the National Association of Realtors, LVR is the largest professional organization in Southern Nevada. Each member receives the highest level of professional training and must abide by a strict code of ethics. For more information, visit LasVegasRealtor.com.