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Report: Home prices in Southern Nevada are still on the rise, with fewer homes selling

Published: Apr. 6, 2022 at 6:40 AM PDT
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LAS VEGAS, Nev. (FOX5) - Home prices in Southern Nevada continue to climb despite a downward trend in actual sales, according to new data released by Las Vegas Realtors.

Statistics for March 2022 show that the median price of single-family homes sold in the valley was $460,000, breaking February’s record. That price is up 26.7% year-over-year, with $363,000 as the total for March 2021. Condos and townhomes in March sold for $270,000, a 39.2% increase from $194,000 last year.

According to LVR President Brandon Roberts, home prices have almost quadrupled since the post-recession bottom when homes were valued at $118,000 in 2012.

MORTAGE AND INTEREST RATES RISING

“We keep expecting prices to slow down at some point, but it’s not happening yet,” Roberts said in a statement. “With mortgage interest rates rising recently and the inventory of homes available for sale as low as it has ever been, it’s no surprise that we’re starting to see fewer homes being sold.”

At the end of March, LVR reports that more than 2,000 homes were listed for sale without an offer, an increase of 13.1% since last year. Condos and townhomes, however, saw a 34% decrease in listings without an offer for the month.

LVR saw 4,205 homes, condos and townhomes sold in March 2022.

“Similar to the past few months, Roberts said the sales pace during March equates to less than a one-month supply of properties available for sale and represents ‘an extremely tight housing supply,’” LVR notes.

The report says 2021 was a record-setting year for local homes sales in Southern Nevada, with 50,010 properties sold.

“That was the first time the association reported more than 50,000 local properties changing hands in a year and topped the previous record set in 2011 by nearly 2,000 sales,” according to the data.

During March 2022, 30% of properties were purchased with cash.

One thing that remained low last month: distressed sales. Due to pandemic-related restrictions on evictions and foreclosures, these figures came in at a near “historic low.”

“LVR reported that short sales and foreclosures combined accounted for just 0.2% of all existing local property sales in March,” the report notes. “That compares to 0.6% of all sales one year ago, 2.0% of all sales two years ago, 2.5% of all sales three years ago, 2.9% four years ago, and 9.8% five years ago.”

LOCAL REAL ESTATE VALUES

  • TOTAL REAL ESTATE VALUE UP BY 8% and 21.2%: $1.8 billion (HOUSES), $263 million (CONDOS/TOWNHOMES) (tracked through the Multiple Listing Service (MLS)
  • SELLING FASTER: In March, 89.9% of all existing local homes and 94.5% of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 84.0% of all existing local homes and 80.9% of all existing local condos and townhomes sold within 60 days.