As summer blazes on here in Las Vegas, so does the real estate market. As reported by the Greater Las Vegas Association of REALTORS, home prices continue to rise as inventory remains low.
In June, the Las Vegas market saw a median list price for single family residential units of $329,900. This is down from the month prior, but up from June of 2017 by 10.9%. The condo and townhouse market saw a median list price of $164,987. This was up 3.1% from May 2018, and 17.9% from June 2017.
New listings this period, 3,892 units, was down from May 1.3% and from June of last year by 0.9% for single family residential. The condo and townhouse markets on the other hand saw gains of 2.4% from May 2018, and 20% from June of 2017 with 929 new listings.
Single family residential units are still flying off the market. In June 74.7% of listings were under contract in 30 days or less. This is up 1.1% from May 2018 and up 6.2% from June 2017. The condo and townhouse markets experienced a slight decrease in listings under contract in under 30 days by 0.4%. The year over year numbers show an increase of 3.1%. Proving that units are still moving fast.
With home prices on the rise, it isn’t shocking that sales dollar values for units sold this period are still up. The dollar value for June single family residential units was $1,103,467,384. This is up 3.2% from May 2018, and 4.3% from June 2017.
Condo and townhouses had a dollar value for units sold this period of $146,500,294. This number is up 15.3% from May 2018, and up 30.5% from the previous June.
“Despite a slight dip in June, our home prices have been on a steady climb since 2012. If this trend continues, by later this year, we could hit the all-time median price that we hit in 2006,” said GLVAR President Chris Bishop, a longtime local REALTOR®. “Affordability is becoming a bigger issue, especially for first-time buyers. Then again, if you’re coming from a more expensive market like California, then our prices still seem like a bargain by comparison.”