In a market dominated by single-family houses, Las Vegas builders are selling a fast-rising tally of condos and townhouses this year.
Builders closed 105 sales of attached homes in Southern Nevada in October, up 40 percent from the same month last year. That brought the year’s sales total of newly built condos and townhomes to 1,114, up more than double from the same 10-month stretch in 2017, according to a new report from Home Builders Research.
Attached homes accounted for 13 percent of October’s sales tally, the sixth straight month that they fetched at least a 10 percent market share, the Las Vegas firm reported.
Las Vegas home prices are rising fastest among major cities. Condos and townhomes are typically less expensive than single-family houses, and sales of attached homes have ramped up amid affordability concerns.
Builders’ median sales price of single-family houses was $404,100 last month, up 12.8 percent year-over-year, while the median for attached homes was $265,466, down 14.3 percent.
Home Builders Research President Andrew Smith and founder Dennis Smith said in the report that the median sales price of condos and townhomes would keep sliding in the next few months as “more affordable projects continue to gain market share.”
Contact Eli Segall at firstname.lastname@example.org or 702-383-0342. Follow @eli_segall on Twitter.
Southern Nevada homebuilding market: October 2018 vs. October 2017
Closings: 796 (up 5%)
Median sales price: $389,974 (up 10%)
Permits: 836 (up 5.7%)
Note: Results are for all product types
Source: Home Builders Research