Las Vegas real estate market stabilizes despite record growth

By BYRON TEACH

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LAS VEGAS (KVVU) – The numbers are out and the housing market in Las Vegas is showing signs that things are stabilizing despite record growth.

Las Vegas Realtors released a monthly report showing record numbers in September, but the report showed signs that the market was stabilizing a bit.

LVR said the median price of existing single-family homes sold in southern Nevada through its Multiple Listing Service (MLS) in September was $ 406,500. This continues to rise from the all-time high of $ 405,000 set in July. The median home price is up 20.5% from $ 337,250 a year ago. The median price of condos and townhouses sold in September was $ 230,000. It’s also an all-time record and up 17.6% from $ 195,000 in September 2020.

“The housing market is starting to stabilize nationally. This month’s LVR statistics suggest we could do the same here in southern Nevada, ”said Aldo Martinez, longtime local real estate agent and chairman of LVR, in a written press release.

“Prices continue to rise, but they are increasing more gradually than in previous months. Maybe we’re going back to the kind of seasonal patterns we used to see before the pandemic. Local home prices and sales typically peak in the summer and slow down a bit in the fall and winter before rising again in the spring. The pandemic disrupted this pattern last year. “

Rising home prices have outpaced income, Martinez said. Buyers are content with cheaper housing options like condominiums, townhouses and rentals. The average price of townhouses and condos in September hit $ 230,000.

The housing inventory has been a recurring problem in recent months. For the eighth consecutive month, September saw more homes available without offers, according to the report.

At the end of September, LVR reported 3,463 single-family homes listed for sale without any offers. This is down 27.8% from the same period last year. The 628 condos and townhouses listed with no offers in September were down 58.8% from a year ago.

LVR reported a total of 4,078 existing homes, condos and townhouses sold in September. Compared to a year ago, September sales were down 1.9% for homes and up 19.7% for condos and townhouses.

Martinez said homes were selling at a faster rate than last year. He said the market will set a new record for homes priced above $ 1 million.

In September, LVR reported that 29.1% of all sales of local properties were purchased in cash. This is up from 17.9% a year ago. While that percentage has increased this year, it remains below the March 2013 peak for cash buyers of 59.5%.

With eviction and seizure bans still a factor, the number of sales said to be in difficulty remains close to historically low levels. LVR reported that short sales and foreclosures combined accounted for just 0.4% of all sales of existing local properties in September. This compares to 1.0% of all sales one year ago, 2.0% of all sales two years ago, 2.5% three years ago and 5.2% four years ago. years.

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