LAS VEGAS (KXNT) – The Greater Las Vegas Association of Realtors (GLVAR) reported that the increasingly hot local housing market showed no signs of cooling off in July, with home prices and sales continuing to rise while the housing supply keeps shrinking.
GLVAR reported that the median price of existing single-family homes sold during July through its Multiple Listing Service (MLS) went up to $260,000. That was up 10.2 percent from July 2016. Meanwhile, the median price of local condos and town homes sold in July jumped to $138,000, up 20 percent from July 2016.
“Our housing supply isn’t necessarily drying up,” explained GLVAR President David Tina. “People are still listing their homes for sale. We’re just selling so many homes at such a rapid rate,” said Tina.
Tina also said the demand for housing continues to exceed supply. At the current sales pace, he said 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. The supply is even tighter for lower-priced homes, condos and town homes Tina added.
Tina also said the current housing market can be challenging for prospective home buyers, especially those looking for homes in lower price ranges. He advises buyers to be aggressive, act quickly and be prepared to “put a ring on it” when they find a home they like.
By the end of July GLVAR reported 4,995 single family homes listed for sale without any sort of offer. That’s down 31.9 percent from one year ago. For condos and town homes, the 625 properties listed without offers in July represented a 48.4 percent drop from one year ago.
Local home sales continue to increase compared to the same time last year. The total number of existing local homes, condos and town homes sold in July was 3,798, up from 3,447 in July 2016. Compared to one year ago, sales were up 10.8 percent for homes and up 7.5 percent for condos and town homes.
According to GLVAR, total sales so far in 2017 continue to outpace 2016, when 41,720 total properties were sold in Southern Nevada.
“Home sales have been very strong this year,” Tina said. “In fact, at the rate we’re going, 2017 is on pace to be our best year for local home sales since at 2012, and one of our five best years ever,” said Tina.
GLVAR said 24.6 percent of all local properties sold in July were purchased with cash, down from 25.8 percent in July 2016. 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, but that their influence has generally been waning.