August was good for home sellers in Las Vegas, but not so great for buyers, according to numbers released Wednesday by the Greater Las Vegas Association of Realtors (GLVAR).
In general, the statistics show home prices continue to rise.
The GLVAR said the median price of an existing single-family home in August — $260,000 -— was 10.6 percent more expensive than August 2016. Condos and townhomes were also more expensive; the median price was $137,250, up 19.3 percent compared to August last year.
“Basically, our local home prices have been going up by about 10 percent per year for the past three years,” GLVAR President David J. Tina said.
The nature of the housing supply might also please home sellers while frustrating buyers. Statistics show that there are fewer homes for sale, and they’re selling faster.
The GLVAR reported 32.1 percent fewer single-family homes on the market without an offer this August compared to last August and 45.1 percent fewer condos and townhomes.
The numbers also show that 83.3 percent of all existing homes and 90.4 percent of all existing local condos and townhomes sold within 60 days. Last year, those numbers were 76.1 percent and 74.7 percent, respectively.
Given the shrinking supply and the pace of sales, it’s no surprise the market is doing well overall — which is good, of course, if you’re a seller. The GLVAR reported that so far this year, total home sales are exceeding sales at the same point in 2016 when 41,720 Southern Nevada properties were sold.
The GLVAR said 2017 could end up being the best year for local home sales since at least 2012.
The GLVAR’s statistics include sales and listings through the end of August and are released monthly from the group’s MLS. The group says the numbers don’t necessarily account for newly constructed homes sold by local builders or homes sold by owners without a real estate agent.