Las Vegas house prices are continuing their winning streak this spring.
Home prices and sales in Southern Nevada continued to climb in March, according to new figures from the Greater Las Vegas Association of Realtors.
The median price of existing single-family homes sold during March increased to $242,000 – up 0.8 per cent from February and up 10 per cent from March 2016. Meanwhile, the median price of local condos and townhomes sold in March was $122,950, up 4.2 per cent from February and up 4.2 per cent from March 2016.
GLVAR President David J. Tina notes that the median home price in Southern Nevada has nearly doubled from $123,000 five years ago and has continued to increase this year, despite potential headwinds like a shrinking local housing supply and rising mortgage interest rates.
“We continue to see a strong demand for housing heading into what is traditionally our best time of year for home sales. Combined with a tight supply, I think our home prices and home sales may continue to get a boost from the positive economic news we’ve been enjoying lately, including last week’s announcement that the Raiders are moving to Las Vegas,” comments Tina. “While it’s hard to quantify, I think news that Las Vegas will soon be an NFL city with a state-of-the-art sports stadium is one more thing that solidifies our position as a world-class city and something that pushes some buyers over the threshold and encourages them to buy property here now.”
Like prices, local home sales have also been increasing this year. The total number of existing local homes, condos and townhomes sold in March was 3,903, up from 3,488 in March 2016. Compared to one year ago, sales were up 14.8 per cent for homes and up 0.4 per cent for condos and townhomes.
According to GLVAR, 2017 is ahead of the sales pace in 2016, when 41,720 total properties were sold in Southern Nevada. That was more than the 38,577 properties sold during 2015. It was also more than in 2014, but fewer than each year from 2009 through 2013.
Las Vegas house prices continue steady climb
13th March 2017
Las Vegas house prices continue their steady climb in 2017, with growth slowing from the rapid rises of several years ago.
The median price of existing single-family homes sold during February 2017 increased 0.8 per cent to $240,000, according to The Greater Las Vegas Association of Realtors. That was up 8.9 percent year-on-year, while the median price of local condos and townhomes sold in February was $118,000, up 4 per cent from January, although down 2.9 per cent from February 2016.
The median single-family home price in Southern Nevada one year ago at this time was $220,350. Two years ago, it was $205,000. Five years ago, in February of 2012, it was $121,000.
“We’ve come a long way in the last five years,” says GLVAR President David J. Tina. ” “This shows that our home prices are still increasing, but they aren’t rising as they fast as they were a few years ago. I think this stability is better than the big peaks and valleys we experienced in the last decade. And homeowners are still seeing a healthy rate of appreciation, which is good for our economy and our housing market.”
The growth is in spite of a shrinking housing supply, notes Tina. Local home sales have also been on the rise during the past year or more.
The total number of existing local homes, condos and townhomes sold in February was 2,815, up from 2,676 in February 2016. Compared to one year ago, sales were up 6.5 per cent for homes and up 0.4 per cent for condos and townhomes.
According to GLVAR, a total of 41,720 such properties were sold in 2016. That was more than the 38,577 properties sold during 2015. It was also more than in 2014, but fewer than during each of the previous five years.
Tina attributes this increase to a growing demand for housing, fueled by an increasing local population and buyers feeling more confident about the local economy and job market. Even with local home prices increasing steadily over the past five years following the downturn from 2008-2011, he adds that Southern Nevada home prices remain a relative bargain when compared to cities in neighboring California.
Las Vegas prices soar over 20 per cent
1st May 2014
Photo credit: Moyan Brenn
The data from the Greater Las Vegas Association of Realtors shows that prices continue to climb in the area, while the number of homes on the market is also on the up.
The median price of existing single-family homes sold in Southern Nevada during March was $195,000, up 2.6 per cent from February and a staggering 21.1 per cent from March 2014. Condo prices climbed by an even higher 26 per cent year-on-year.
While some might be afraid of a bubble, though, even with these recent increases, local home prices are still well below their June 2006 peak of $315,000. Existing local home prices bottomed out at a median price of $118,000 in January 2012 before rising for a record 19 straight months until September 2013 and rising more gradually since then.
“One of the trends we noticed this month is the increase in our inventory. That helps people looking to buy a home. After dealing with such a tight housing supply last year, we now have more than twice as many homes without pending or contingent offers on them than we did a year ago,” said GLVAR President Heidi Kasama. “We also sold more homes in March than in February, even though our sales pace so far this year is about 15 percent behind last year.”