Housing prices in the neighborhood are stabilizing this summer, because the housing supply is no longer shrinking but is still tight. That is according to a report released this month by the Greater Las Vegas Association of Realtors.
GLVAR reported that the median price for existing single-family homes sold in southern Nevada through the Multiple Listing Service in July remained stable at $ 290,000.
That is the same as in June, but still with 11.5 percent of $ 260,000 in July 2017. The median price of local apartments and townhouses sold in July was $ 166,000, slightly lower than in June, but with 20.3 percent over compared to the same time last year.
"Local housing prices rose most of 2018, but have slowed this summer," said GLVAR President Chris Bishop, an old local broker. "The turnover has also leveled off, and we are pleased that the housing supply has increased slightly in recent months, but our stock is still very tight." This tight supply has brought down house sales. sell existing homes this year than last year, and it may take a while before local house prices return to their all-time peak of 2006. "
According to GLVAR, the median price of existing single-family homes sold in South Nevada reached a peak of $ 315,000 in June 2006. In January 2012, prices reached a decline after the recession of $ 118,000.
Southern Nevada now has less than two months of existing homes available for sale when a six-month supply is considered a balanced market.
By the end of July, GLVAR reported 4,787 single-family homes that were offered for sale without any form of offer. That is from June, but still 4.2 percent less than a year ago.
For apartments and houses in the city, the 878 homes without offers in July represented a sharp increase of 40.5 percent compared to a year ago.
The total number of existing local housing, apartments and town houses sold in July was 3,955.
Compared to a year ago, sales in July rose by 1.4 percent for homes and by 17.2 percent for apartments and houses in the city.
GLVAR reported that 22.6 percent of all local properties sold in July were purchased in cash.
That's 24.6 percent a year ago. That is well below the peak of February of 59.5 percent, indicating that cash buyers and investors are still active on the local housing market, but have played a much smaller role than five or six years ago.
At the same time, the number of so-called distressed sales continues to fall. GLVAR reported that short sales and foreclosures accounted for 2.9 percent of all existing local home sales in July, a drop of 6.4 percent of all sales a year ago.
These GLVAR statistics contain activities until the end of July 2018.
GLVAR distributes statistics each month based on data collected through its MLS, which is not necessarily useful for new homes sold by local builders or for sale to owners. Other highlights are:
■ The total value of local real estate transactions held via the MLS in July was almost $ 1.1 billion for residential property and nearly $ 136 million for condos, high-rise housing and community houses. Compared to a year ago, total sales volumes in July were 11.1 percent higher for homes and 31 percent higher for apartments and houses in the city.
■ Houses and apartments continued to sell faster than last year at the moment. In July 89 percent of all existing local houses and 89.5 percent of all existing local apartments and village houses sold within 60 days. That is a year ago, when 82.2 percent of all existing local housing and 87.7 percent of all existing local apartments and village houses were sold within 60 days.
GLVAR was founded in 1947 and offers its more than 14,000 local members education, training and political representation. The local representative of the National Association of Realtors, GLVAR is the largest professional organization in South Nevada. Each GLVAR member receives the highest level of professional training and must adhere to a strict ethical code. For more information, go to www.LasVegasRealtor.com. E-mail your real estate questions to [email protected]