Greater Las Vegas home prices still on fire in September

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Reaches new record in September as median prices climb 20% per year

Las Vegas real estate agents report this week that the local housing market began to stabilize in September 2021, even as house prices set a new record.

LVR said the median price of existing single-family homes sold in southern Nevada through its Multiple Listing Service (MLS) in September was $ 406,500. This continues to rise from the all-time high of $ 405,000 set in July. The median home price is up 20.5% from $ 337,250 a year ago. The median price of condos and townhouses sold in September was $ 230,000. It’s also an all-time record and up 17.6% from $ 195,000 in September 2020.

“The housing market is starting to stabilize nationally. This month’s LVR statistics suggest we could do the same here in southern Nevada,” said LVR chairman Aldo Martinez. “Prices continue to rise, but they are increasing more gradually than in previous months. Maybe we’re going back to the kind of seasonal patterns we used to see before the pandemic. Prices and sales of local homes generally peak during the summer and slow down a bit in the fall and winter before rising again in the spring. The pandemic disrupted this pattern last year.

Martinez added that “local home prices have risen much faster than incomes, which has prompted some buyers to seek more affordable options, like condominiums, townhouses and even rentals. This is reflected in the new September median high of $ 230,000 for condos and townhouses. “

Meanwhile, the local housing supply remains tight, but has at least stopped declining in recent months. September marked the eighth consecutive month that there were more homes available with no offers than the previous month.

At the end of September, LVR reported 3,463 single-family homes listed for sale without any offers. This is down 27.8% from the same period last year. The 628 condos and townhouses listed with no offers in September were down 58.8% from a year ago.

LVR reported a total of 4,078 existing homes, condos and townhouses sold in September. Compared to a year ago, September sales were down 1.9% for homes and up 19.7% for condos and townhouses.

Homes continue to sell at a faster rate than last year. Martinez said the current pace of sales equates to just over a month of supply of properties available for sale.

Regarding other trends, Martinez said the high end of the local real estate market continues to outperform the overall market. In fact, he said 2021 would eventually set a new benchmark for home sales over $ 1 million.

The local housing market has rebounded steadily since it hit its post-recession low in early 2012. Since the start of the pandemic, Martinez said the local market has generally followed national trends, with a shortage of available housing. for sale, strong demand and a historically low mortgage loan. interest rates paving the way for record real estate prices. Further, he said that “the inability of builders to catch up with population growth over the years has compounded the supply problem, causing residential prices to rise. Builders just aren’t able to build enough. of housing to meet demand “.

In September, LVR reported that 29.1% of all sales of local properties were purchased in cash. This is up from 17.9% a year ago. While that percentage has increased this year, it remains below the March 2013 peak for cash buyers of 59.5%.

With eviction and seizure bans still a factor, the number of sales said to be in difficulty remains close to historically low levels. LVR reported that short sales and foreclosures combined accounted for just 0.4% of all sales of existing local properties in September. This compares to 1.0% of all sales one year ago, 2.0% of all sales two years ago, 2.5% three years ago and 5.2% four years ago. years.

These LVR statistics include activity through the end of September 2021. LVR distributes statistics each month based on data collected through its MLS, which does not take into account any newly built homes sold by local builders or homes. for sale by owners.

Other highlights of the Southern Nevada market include:

  • The total value of local real estate transactions tracked through MLS in September was nearly $ 1.6 billion for homes and over $ 218 million for condos, high-rise buildings and townhouses. Compared to a year ago, total sales values ​​in September were up 17.1% for homes and 42.9% for condos and townhouses.
  • Homes have sold faster this year than in previous years. In September, 94.7% of all existing local homes and 93.8% of all existing local condominiums and townhouses sold within 60 days. This compares to a year ago, when 82.6% of all existing local homes and 79.9% of all existing local condos and townhouses sold within 60 days.

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