According to the Greater Las Vegas Association of Realtors, after many years of strong price appreciation, local Las Vegas home prices started cooling down in October 2017; though home prices and sales are still well up from one year ago.
GLVAR reported that the median price of existing single-family homes sold during October was $263,000, down slightly from September, but still up 13.4 percent from October 2016. The median price of local condos and townhomes sold in October was $140,000, unchanged from September, but up 19.7 percent from the same time last year.
GLVAR President David J. Tina said home prices have been appreciating at a fairly steady rate of about 10 percent per year for the past few years. Though that pace may be slowing heading into the fall, he still has a positive outlook for the local housing market.
“I think our housing market is in good shape, largely because our local economy continues to grow,” Tina said. “Our population and economy are growing as fast as almost any place in the country. And Southern Nevada has been leading the nation in job growth. All these things point to more demand for housing, with more home sales and more appreciation expected for the foreseeable future.”
As for headwinds in the housing market, Tina said demand continues to exceed the shrinking supply of homes available for sale. This continues to present challenges for many buyers, especially those seeking entry-level homes and condos.
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.
By the end of October, GLVAR reported 4,795 single-family homes listed for sale without any sort of offer. That’s down 32.3 percent from one year ago. For condos and townhomes, the 770 properties listed without offers in October represented a 32.0 percent drop from one year ago.
The total number of existing local homes, condos and townhomes sold during October was 3,633, up from 3,225 in October 2016. Compared to one year ago, sales were up 13.3 percent for homes and up 16.1 percent for condos and townhomes.