LAS VEGAS (KXNT) – We’ve come a long way since the housing crisis nearly a decade ago in Southern Nevada. If you’re in the market for a house, condo, town-home, you can expect to pay more money for it.
New numbers from the Greater Las Vegas Association of Realtors or GLVAR, prices are up, but there is a housing shortage.
GLVAR reported that the median price of existing single-family homes sold during April through its Multiple Listing Service (MLS) increased to $249,000. That was up 2.9 percent from March and up 12.9 percent from April 2016. Meanwhile, the median price of local condos and town-homes sold in April was $130,000, that’s up 5.7 percent from March and up 8.4 percent from April 2016.
“Our housing supply has been tight for a couple of years, but now it’s getting to the point where it’s fail to call this a housing shortage,” said David Tina, a longtime local realtor, and President of GLVAR. “As experts from the National Association of Realtors have been saying recently, this has become a concern across the country. Most metro areas are now facing a housing shortage. But this is a bigger issue here in Southern Nevada, where our population and the demand for housing is growing faster than most place,” said Tina.
Tina said the steady appreciation is welcome news for local homeowners and the housing market. The same cannot be said for the shrinking supply of homes on the market. At the current sales pace, he said Southern Nevada now has less than a two-month supply of homes available for sale. A six-month supply is considered to be a balanced market.
By the end of April, GLVAR reported 5,083 single-family homes listed for sale without any sort of offer. That’s down 30.9 percent from a year ago. For condos and townhomes, the 639 properties listed without offers in April represented a 71.4 percent drop from one year ago.
GLVAR said 27.5 percent of all local properties sold in April were bought with cash, down from 28.1 percent in April 2-016. That’s well short of the February 2013 peak of 59.5 percent, indicating that cash buyers and investors are still more active in Southern Nevada than in most markets.