The median price of an existing home in Southern Nevada has reached $300,000 for the first time in more than 11 years, the Greater Las Vegas Association of Realtors reported Monday.
So are Las Vegas home prices headed for a record?
The all-time high for existing single-family homes sold in Southern Nevada stands at $315,000 reached in June 2006. The last time the median price of a single-family home in Las Vegas reached $300,000 or more was June 2007 when the median price was $305,000.
But Realtor officials aren’t talking publicly about a new record at this point.
“The good news is our median sales price is up,” GLVAR President Chris Bishop, a longtime Las Vegas Realtor, said in a statement. “At the same time, sales are down compared to last year. The homes that have sold are selling for a higher price.”
For the first time in years, Bishop said Southern Nevada now has more than a two-month supply of existing homes available for sale. A six-month supply would be a more balanced market, he added.
“While our housing supply is still not where we’d like it to be, it has been increasing lately and went up again in September,” Bishop said. “That’s good news for people looking to buy a home here.”
By the end of September, GLVAR reported 6,148 single-family homes listed for sale without any sort of offer. That’s up 23.7 percent from one year ago. For condos and townhomes, the 1,356 properties listed without offers in September represented a hefty 99.4 percent increase from one year ago.
The total number of existing local homes, condos and townhomes sold during September was 3,005. Compared to one year ago, September sales were down 16.4 percent for homes and down 13.4 percent for condos and townhomes.
More good news: The number of so-called distressed sales continues to drop. GLVAR reported that short sales and foreclosures combined accounted for just 2.5 percent of all existing local home sales in September, down from 5.2 percent of all sales one year ago.
Will the record of $315,000 be broken?
Wait and see.
