As we approach summer here in Las Vegas, the housing market continues to see record high prices. The Greater Las Vegas Association of Realtors (GLVAR) reports “At the rate we’re going, with prices going up by nearly $5,000 per month, it’s possible that local home prices could finally get back to their all-time peak sometime later this year,” said 2018 GLVAR President Chris Bishop, a longtime local REALTOR®.”
This looks to be true with the median list price of available units without offers at $395,000. This is up 1.3% from April 2018 and 10% from May 2017. There were 4,118 units without offers in May. This number is up 7.9% from April 2018, but down from 17.2% from May 2017.
The median price of homes sold during this period was $295,000. This is up 2.1% from April 2018, and up 18% from May 2017. Condo sales are experiencing similar increases with the median price of units sold $160,000. This is up 3.2% from the previous month, and up 16% from May 2018.
The shortage in supply is noted for the rising prices. The GLVAR reports ” Bishop said a tight housing supply has been one factor pushing up prices. Southern Nevada continues to have about a month and a half supply of existing homes available for sale when a six-month supply is considered a balanced market.
Bishop said more homeowners would consider selling if there were more homes being built and available for them to buy. He cited recent surveys by the National Association of REALTORS® (NAR) showing more than 70 percent of U.S. homeowners think it’s a good to time to sell.”
Homes and condo/townhomes are selling faster than ever. In May 73.6% of homes had offers in under 30 days compared to 72.9% the month before and 66% in May 2018. 78.1% of condo/townhomes had offers in under 30 days compared to 76.8% the previous month and 75.9% a year ago.
Total home sales soared in May. The MLS tracked nearly 1.1 billion in sales for homes and $127,093,041 for condos, high rises, and townhomes.
Are you considering selling this summer? Contact Luxury Home Source for your free home valuation.