Real estate:

Bounce in Las Vegas home sales might signal listings at ‘more realistic prices’

Home on 6820 San Ricardo Ave.

Despite a big jump in sales, Las Vegas used-home prices were flat month-to-month, perhaps indicating that fewer sellers are overpricing, a new report shows.

The median sales price of single-family homes in Southern Nevada in March was $205,000, same as February but up 5 percent from a year ago, according to a new report from the Greater Las Vegas Association of Realtors.

Owners sold 2,707 single-family homes last month, up 38 percent from February and 7 percent year-over-year, the group found.

GLVAR reports data from its listing service, which largely comprises previously owned homes.

GLVAR President Keith Lynam said people should take “some caution” to see if the uptick in sales is an “aberration” or becomes a trend. Home sales usually pick up each spring, he said, though last month’s totals were the biggest jump for this time of year since 2006.

“Maybe our members and homeowners are taking our advice and asking more realistic prices for their homes,” he said in a news release.

By the end of March, 7,257 single-family homes were up for sale on the GLVAR’s listing service without any offers, down 1 percent from February but up 12 percent from a year ago.

Real estate agents have attributed the rise in ignored listings to sellers, emboldened by the investor-fueled run-up in prices the past few years, overpricing their homes.

Last month, Lynam said real estate agents want clients to “realistically” set prices at fair market value.

“Certainly some of the blame should be squarely placed on our members,” he said last month, “but the trend of homes on the market with no offers is rising, and that is troubling.”

Real Estate

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