October numbers show little change in Las Vegas housing market
The price for a home in Southern Nevada didn’t move much in October, according to a report released by the Greater Las Vegas Association of Realtors.
The report showed that the price for an existing home in the Las Vegas area was $307,000 last month, down just slightly from September, but up more than 4% from October 2018.
The all-time high for the area was $315,000 in June 2006, just before the Great Recession when local home prices bottomed out at $112,000 in early 2012.
As she has for months, association President Janet Carpenter preached the importance of market stability in a news release.
“Local home prices are as stable as they’ve been in years and appreciating at a much more gradual pace,” said Carpenter, a longtime Realtor. “We realize that many prospective buyers still face challenges finding homes that are both available and affordable for them, but at least buyers are benefiting from more stable prices.”
The median price for a local condo or townhome in October was $171,250. That number represented a slight dip from the median price of $174,000 in October 2018.
Through October, fewer properties — homes, townhomes and condos — have sold in Southern Nevada than during the first 10 months of 2018, according to GLVAR statistics.
From Jan. 1 through Oct. 31 of this year, a total of 36,665 properties were sold in Southern Nevada.
That’s a dip of nearly 1,600 from the same 10-month period in 2018.
At the end of last month, the association reported that 7,210 single-family homes were listed without an offer, which represented an increase of 4.2% from October 2018.
For townhomes and condos, more than 1,800 were listed without an offer at the end of last month. That represented almost a 16% jump from the previous October.
According to the report, the area still has less than a six-month supply of homes for sale, which is the level at which a market is considered to be balanced.
Founded in 1947, the GLVAR serves more than 14,000 area agents.
Tribune Content Agency