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Static home prices signal a stabilizing Las Vegas market

Tuesday, May 14, 2019   /   by Michael Picciuto

Static home prices signal a stabilizing Las Vegas market

The calendar has turned, but the Southern Nevada housing market hasn’t.

According to a report released Wednesday by the Greater Las Vegas Association of Realtors, the median price for an existing single-family home sold through its Multiple Listing Service was $300,000 during April.

The number represents no change from March, but it’s a nearly 4% year-over-year increase from the median price in Southern Nevada in April 2018. For February, the median price came in at about $296,200.

The median price for a local condominium sold in April was $170,000, up about 2% from March and up almost 10% from April 2018, according to the report.

Janet Carpenter, the association’s president and a longtime area Realtor, said April marks the first month since the same month in 2012 that an annual percentage increase has been as low as 3.8%.

“This shows how the local housing market is stabilizing this year,” Carpenter said. “With gradually appreciating prices, there are more homes on the market and slower sales.”

Home prices in the area had generally been rising since early 2012 before retreating in recent months.

According to the association, the median price for an existing local home peaked at $315,000 in June 2006. A post-recession bottom of $118,000 was reached in early 2012.

The total number of units — home, condos and townhomes — sold last month was 3,625 with 753 of those being condos and townhomes. The condo and townhome number for April represented a year-over-year increase of close to 9%.

About 22% of all properties sold in April were purchased with cash, a decrease of more than 5% from the same month in 2018.

That number peaked at 59% in February.

Home sales, of course, generally pick up during the spring and summer months. At the current sales pace, Carpenter said Southern Nevada has less than a three-month supply of homes available on the market.

Anything under a five-month supply is generally thought of as a seller’s market.

Founded in 1947, the GLVAR serves more than 14,000 Southern Nevada agents.

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