GLVAR reported that the median price of existing single-family homes sold during August through its Multiple Listing Service (MLS) was $260,000, unchanged from July, but up 10.6 percent from August 2016. The median price of local condos and townhomes sold in August was $137,250, down slightly from July, but still up 19.3 percent from August 2017.
GLVAR President David J. Tina said home prices have been appreciating steadily for several years. For example, he said GLVAR reported that the median single-family home price in August of 2014 was $200,000. It went up to $220,000 in August of 2015, then to $235,000 in August of 2017 before hitting $260,000 last month.
“Basically, our local home prices have been going up by about 10 percent per year for the past three years,” Tina said. “That rate of appreciation has been fairly consistent, making for a stable housing market. At the same time, more homes are changing hands as the economy improves.”
By the end of August, GLVAR reported 5,157 single-family homes listed for sale without any sort of offer. That’s down 32.1 percent from one year ago. For condos and townhomes, the 683 properties listed without offers in August represented a 45.1 percent drop from one year ago. If there’s a bright spot in the housing supply, Tina explained, it’s that “at least we had more homes available for sale in August than we did the previous month.”
Meanwhile, more homes are selling each month. The total number of existing local homes, condos and townhomes sold during August was 4,012, up from 3,789 in August 2016. Compared to one year ago, sales were up 5.9 percent for homes and up 6.0 percent for condos and townhomes.
According to GLVAR, total sales so far in 2017 continue to outpace 2016, when 41,720 total properties were sold in Southern Nevada.