65°F
weather icon Mostly Cloudy

Home prices hover around $300,000

Local home prices are hovering around $300,000, while the number of homes on the market continues to increase. So says a report released this month by the Greater Las Vegas Association of Realtors.

GLVAR reported that the median price for existing single-family homes sold in Southern Nevada through its Multiple Listing Service during April was $300,000 — the same price as GLVAR reported for March. That’s up 3.8 percent from $289,000 in April of 2018.

The median price of local condos and town homes sold in April also increased compared to the previous year. The April median price of $170,000 was up 2.1 percent from March and up 9.7 percent from $155,000 in April of 2018.

“We’ve been watching home prices appreciate at a slower rate for many months, but this is the first time in seven years that we’ve reported an annual home price increase this low,” said 2019 GLVAR President Janet Carpenter, a longtime local Realtor. “This shows how the local housing market is stabilizing this year, with gradually appreciating prices, more homes on the market and slower sales.”

The 3.8 percent median home price increase in April 2019 was the smallest year-over-year increase since April of 2012, when GLVAR reported the median price for single-family homes increased 2.3 percent from the same month in 2011.

Before slowing down this year, local home prices had generally been rising since early 2012, climbing back toward their all-time peak. According to GLVAR, the median price of existing single-family homes sold in Southern Nevada peaked at $315,000 in June of 2006. Local home prices hit a post-recession bottom of $118,000 in January of 2012.

The total number of existing local homes, condos and town homes sold during April was 3,625. Compared to one year ago, April sales were down 0.2 percent for homes, but up 8.7 percent for condos and town homes.

At the current sales pace, Carpenter said Southern Nevada now has less than a three-month supply of homes available for sale. That’s up from one year ago, but still below what would normally be considered a balanced market. By the end of April, GLVAR reported 7,435 single-family homes listed for sale without any sort of offer. That’s up 94.8 percent from one year ago. For condos and town homes, the 1,826 properties listed without offers in April represented a 131.1 percent jump from one year ago.

GLVAR reported a total of 42,876 property sales in 2018, down from 45,388 in all of 2017. At the current sales pace, Carpenter expects sales numbers to be slightly lower this year than last year.

GLVAR reported that 21.8 percent of all local properties sold in April were purchased with cash. That’s down from 27.3 percent one year ago. That’s also well below the February 2013 peak of 59.5 percent, indicating that cash buyers and investors are still active in the local housing market, but have been playing a much smaller role than they were during and just after the Great Recession.

The number of so-called distressed sales remains near historically low levels. GLVAR reported that short sales and foreclosures combined accounted for just 3 percent of all existing local property sales in April. That compares to 2.5 percent of all sales one year ago and 8.4 percent two years ago.

These GLVAR statistics include activity through the end of April 2019. GLVAR distributes statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or homes

■ The total value of local real estate transactions tracked through the MLS during April was more than $988 million for homes and nearly $138 million for condos, high-rise condos and town homes. Compared to one year ago, total sales values in April were up 2.9 percent for homes, and up 18.1 percent for condos and town homes.

■ Homes and condos are selling at a slower pace than last year at this time. In April, 74.3 percent of all existing local homes and 79.3 percent of all existing local condos and town homes sold within 60 days. That compares to one year ago, when 86.5 percent of all existing local homes and 91.5 percent of all existing local condos and town homes sold within 60 days.

GLVAR was founded in 1947 and provides its more than 14,000 local members with education, training and political representation. The local representative of the National Association of Realtors is the largest professional organization in Southern Nevada. Each GLVAR member receives the highest level of professional training and must abide by a strict code of ethics. For more information, visit LasVegasRealtor.com.

Don't miss the big stories. Like us on Facebook.
THE LATEST
Navy veteran purchases home One Las Vegas

Tsapatoris has found her new dream home at One Las Vegas, a twin, 20-story condominium community on the south end of Las Vegas Boulevard.

Summerlin offers active-adult communities

According to the National Association of Home Builders, the 55-plus housing market is showing continued growth as baby boomers age, with a projected 66 million Americans expected to be over the age of 65 by 2025.

Trilogy to hold Memorial Day sales event May 24-27

Trilogy in Summerlin is a Las Vegas 55-plus community. This resort lifestyle community has it all: beautiful homes, an amazing Resort Club and an enviable lifestyle.

Pardee to open Cirrus neighborhood

A VIP pre-sales event is now underway at Pardee Homes’ new Cirrus neighborhood in southwest Las Vegas off Jones Boulevard south of Cactus Avenue.

Tanager clubhouse opens in Downtown Summerlin

The Howard Hughes Corp., developer of Summerlin, which includes the 400-acre urban core of Downtown Summerlin, announces the opening of the leasing office and clubhouse for Tanager, Downtown Summerlin’s newest luxury apartment community, along with the commencement of pre-leasing for Tanager’s 267 luxury residences. The first residents are expected to start moving in this summer.

Ranch house in the sky perched on south Strip

Calling all Raiders fans, aspiring chefs, entertainment lovers, empty nesters and local Las Vegans looking to right-size your life: One Las Vegas has just the answer. This gorgeous twin-tower high-rise on the south Strip not only boasts a Las Vegas Boulevard address, it offers a 19th floor masterpiece — residence No. 1922 — a 2,857-square-foot “ranch house in the sky” that checks off all the boxes for your new luxury home.

Pardee opens town homes in southwest valley

Evolve’s four plans range from 1,599 square feet to 1,923 square feet, each with a private back patio and two-car garage. The gated neighborhood includes a dog park and swimming pool for residents and their guests. Prices start from $299,990.

Ascaya introduces accelerated design program

Ascaya, a Henderson luxury community, has partnered with award-winning residential design/build firms Blue Heron Design Build, studio g Architecture/Luxus Design Build and Sun West Custom Homes on new desert contemporary custom residences available through an accelerated design program.

Eight Summerlin neighborhoods near closeout

Eight Summerlin neighborhoods are nearing sellout, each with fewer than 20 homes remaining. Long regarded as a premier place to live, raise a family and now play — especially with the recent additions of Las Vegas Ballpark, home of the Las Vegas Aviators Triple-A baseball team and City National Arena, practice facility of the NHL’s Vegas Golden Knights, Summerlin is home to more than 100,000 residents and spans 22,500 acres along the Las Vegas Valley’s Western edge.