Greater Las Vegas Area Home Prices, Sales Increasing Heading into Holidays
Residential News » Las Vegas Edition
| By Monsef Rachid | December 8, 2016 8:10 AM ET
[World Property Journal] According to the Greater Las Vegas Association of Realtors, Southern Nevada home prices bucked seasonal trends and increased heading into the holidays while home sales continued to exceed last year's pace.
GLVAR reported the median price of existing single-family homes sold during November through its Multiple Listing Service (MLS) was $240,000. That was up slightly from last month and up 7.9 percent from one year ago.
Meanwhile, the median price of local condominiums and townhomes sold in November was $120,000. That was up 20.0 percent from one year ago.
"It's a good sign to see home prices going up and still appreciating at a healthy clip compared to last year at this time," said 2016 GLVAR President Scott Beaudry, a longtime local REALTOR®. "Last November, prices were flat. In past years, home sales usually saw a slight dip in prices heading into the holidays. I'm pleased to see more homes selling this year. It might be because people want to buy before the end of 2016. I hope that trend continues, even with mortgage rates going up a bit lately."
According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in November was 3,244. That was up 30.0 percent from one year ago. Compared to the same month one year ago, 31.8 percent more homes, and 31.2 percent more condos and townhomes sold in November.
So far in 2016, Beaudry said Southern Nevada is on pace to sell more existing homes this year than during 2015 and during 2014, but fewer than during each of the previous five years.
He added that inventory remains tight, with less than a three-month supply of homes available for sale, when a six-month supply is considered to be a balanced market.
By the end of November, GLVAR reported 7,252 single-family homes listed for sale without any sort of offer. That's down 30.3 percent from one year ago. For condos and townhomes, the 1,141 properties listed without offers in November represented a 49.0 percent decrease from one year ago.
Homes have also been selling faster this year. Compared to one year ago, the number of days single-family homes stayed on the market before selling during November decreased 21.3 percent, from 61 days on the market in November 2015 to 48 days in November 2016.
The sales pace was even faster for condos and townhomes. Compared to one year ago, the number of days condos and townhomes stayed on the market before selling during November decreased 32.3 percent, from 62 days on the market in November 2015 to 42 days in November 2016.
These GLVAR statistics include activity through the end of November 2016. GLVAR distributes such statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or homes for sale by owners.
Since October, GLVAR has been issuing its statistics based on a new methodology and data tracking system. As a result of this new system and the time of the month when these new reports are created, some of the statistics cited in this month's report may vary slightly from GLVAR reports and statistics issued in past years.