LAS VEGAS (KXNT) – What a difference a near-decade makes. The housing market in Southern Nevada appears to be turning 180 degrees from the recession in Nevada in 2008.
The Greater Las Vegas Association of Realtors (GLVAR) reports that local home prices and sales continued to climb as homes continue to sell faster amid a very tight housing supply.
GLVAR reports that the median price of existing single-family homes sold during June through its Multiple Listing Service (MLS) increased to $257,373. That was up 2.9 percent from May and up 9.5 percent from June 2016. Meanwhile, the median price of local condos and townhomes sold in June was $128,000, down 7.2 percent from May, but up 11.3 percent from June 2016.
“We’re still dealing with a housing shortage, but at least our housing supply didn’t get any tighter last month,” said David J. Tina, GLVAR President.
For the first time this year the local housing supply actually increased, with the number of homes available for sale rising very slightly from May to June. However at the current sales pace, Southern Nevada still has less than a two-month supply of existing homes available for sale. A six-month supply is considered to be a balanced market.
“If you’re looking for a home under $300,000, you’re really going to have to compete,” said Tina. “If you’re looking for a home between $350,000 and $800,000, you may have a better shot. The high-end maket is a different story,” Tina said.
By the end of June, GLVAR reported 5,174 single-family homes listed for sale without any sort of offer. While up 4.1 percent from May, that’s down 27.1 percent from one year ago. For condos and townhomes, the 639 properties listed without offers in June were up 1.4 percent from May, but still represented a 51.9 percent drop from one year ago.
Meanwhile, local home sales continue to increase. The total number of existing local homes, condos and townhomes sold in June was 4,368, up from 3,957 in June 2016. Compared to one year ago, sales were up 10.3 percent for homes and up 10.6 percent for condos and townhomes.