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Realtors group president expects a strong 2020 for Las Vegas market

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Wade Vandervort

A sign advertises a home for sale in the northwest valley, Thursday, Jan. 9, 2020.

Fri, Feb 7, 2020 (2 a.m.)

Existing home prices dipped last month in Southern Nevada but remained above $300,000, according to the latest numbers from the Greater Las Vegas Association of Realtors.

The median sale price for a home in January was $305,000, according to a report from the GLVAR’s Multiple Listing Service. That’s down just under 3% from December but up nearly 2% from January 2019.

The all-time high for Las Vegas was $315,000 in June 2006, just before the recession that drove area home prices to bottom out at $112,000 in 2012.

“January is usually one of our slowest months for home sales and prices, and this month was a good example of that season trend,” said Tom Blanchard, a longtime local agent and president of the association, in a statement. “I think it’s a good bet that this will be the year we finally break the record for our median home price.”

Despite the relative calm in the Las Vegas housing market witnessed lately, Blanchard said 2020 is likely to be a growth year.

“Most markets around the country have already surpassed their pre-recession record for home prices,” Blanchard said. “When you factor in the rate of inflation over that time, you could argue that local home prices should be much higher than they are.”

The median price for a townhome or condo sold in Southern Nevada in January was $175,000, also down just slightly from December’s numbers, but up 3% from January 2019.

At the end of January, the association reported that about 4,900 homes were listed for sale without any type of offer. That was down 32% from the same month in 2019.

Founded in 1947, the association serves more than 14,000 area real estate agents.

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