A recent Las Vegas Realtors report shows local home prices remaining remarkably stable, while prices for condos and town homes reached an all-time high.
LVR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service during August was $447,435. That’s down 0.6 percent from $450,000 in August 2022. Local home prices are still below the record of $482,000 set in May 2022.
The median price of local condos and town homes sold in August set an all-time high of $287,000. That’s up 8.3 percent from $264,900 in August 2022 and tops the previous record of $285,000 set in May 2022.
LVR President Lee Barrett, a longtime local Realtor, said a persistently tight housing supply and recently rising mortgage interest rates continue to shape the market.
“Homes prices haven’t changed much lately,” Barrett said. “As for the record price for condos and town homes, I attribute that to the demand for lower-priced housing options exceeding our supply. Mortgage rates are obviously a factor. But as we’ve been saying all year, the biggest challenge we face in the local housing market is a very tight housing supply.”
By the end of August, LVR reported 3,881 single-family homes listed for sale without any sort of offer. That’s down 51.5 percent from the same time last year. Likewise, the 978 condos and town homes listed without offers in August represent a 46 percent decline from one year earlier.
LVR reported a total of 2,649 existing local homes, condos and town homes sold in August. Compared with August 2022, sales were up 0.3 percent for homes and up 4.7 percent for condos and town homes.
The sales pace in August equates to less than a two-month supply of properties available for sale. Last year at this time, Southern Nevada had more than a three-month housing supply.
Fewer homes have been selling this year than during 2022, when LVR reported 35,584 total sales. That followed a record year for existing local home sales in 2021, when LVR reported 50,010 homes, condos, town homes and other residential properties were sold. That was the first time LVR reported more than 50,000 local properties selling in a year. It topped the previous record set in 2011 by nearly 2,000 sales.
During August, LVR found that 26 percent of all local property sales were cash transactions. That is down from 27.4 percent one year ago. It’s also well below the May 2013 cash buyer peak of 59.5 percent, suggesting that investors have been less active in the local housing market.
The number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 1.6 percent of all existing local property sales in August. That compares with 0.2 percent one year ago, 0.3 percent two years ago, 1.2 percent three years ago, 2.1 percent four years ago and 2.5 percent of all sales five years ago.
These LVR statistics include activity through the end of August. 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 following:
* The total value of local real estate transactions tracked through the MLS during August was nearly $1.2 billion for homes and more than $195 million for condos, high-rise condos and town homes. Compared with one year earlier, total sales values in August were up 8.6 percent for homes and up 13.4 percent for condos and town homes.
* Homes have been staying on the market longer than they were last year. In August, 85.3 percent of all existing local homes and 88.5 percent of all existing local condos and town homes sold within 60 days. That is down from one year earlier, when 92.6 percent of all existing local homes and 93.6 percent of all existing local condos and town homes sold within 60 days.
Las Vegas Realtors (formerly known as the 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.
