Las Vegas housing supply shrinks as sales rise and prices stabilize

A real estate sales report from January suggests that the housing market in Las Vegas will maintain a steady course this year on Tuesday, February 9, 2016.

The housing supply in Southern Nevada is shrinking as home sales increase and prices stabilize.

The Greater Las Vegas Association of Realtors reported that the median sales price of existing single-family homes sold during September was $233,500, down slightly from $235,000 in August but up 6.1 percent from $220,000 in September 2015.

The median price of local condominiums and townhomes, including high-rise condos, sold in September was $115,000. That was unchanged from August, but down 3.4 percent from $119,000 one year ago.

“Our housing supply has been tight for a long time, especially for homes in lower price ranges. We have less than three-month supply of homes available for sale, when a six-month supply is considered to be a balanced market,” GLVAR President Scott Beaudry noted in a news release.

“The number of condos and townhomes available for sale is now as low as it has been in the past four years,” Beaudry said. “I’m concerned about the housing supply, but it’s good to see more homes being sold at prices that have been appreciating gradually over the past year or so.”

The report said the total number of existing local homes, condominiums and townhomes sold in September was 3,541, up from 3,285 total sales in September 2015. Compared to the same month one year ago, 7.6 percent more homes and 8.9 percent more condos and townhomes sold in September.

So far in 2016, Beaudry said local home sales are outpacing 2015, when GLVAR reported 38,578 single-family home, condominium, townhome and high-rise condo sales. That was more than in 2014, but fewer sales than during each of the previous five years.

Among other key points in the report:

• GLVAR said 4.6 percent of all local sales were short sales – when lenders allow borrowers to sell a home for less than what they owe on the mortgage. That’s down from 6.8 percent of all sales one year ago. Another 6.0 percent of all September sales were bank-owned, down from 7.1 percent one year ago.

• Homes sold faster this September, when 76.1 percent of all existing local homes and 77.3 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 68.4 percent of all existing local homes and 63.8 percent of all existing condos and townhomes sold within 60 days.

Real Estate

Share