According to a report that was provided this week by the Greater Las Vegas Association of Realtors (GLVAR), despite there being shrinking house supply in Las Vegas, the prices and sales of local homes continued to move upward in May of this year.
This association reported that the median price of single-family homes sold in the month of Many augmented to $250,000.00 through its Multiple Listing Service (MLS). This reflects a 0.4% increase from April 2016 and a 9.1% increase from May 2016. On the other hand, the median price of local townhomes and condos sold for $137,950.00 in May. This reflects an increase of 6.1% increase from April 2016 and 16.9% increase from May 2016.
GLVAR President’s Comments
GLVAR President David J. Tine recently stated that the housing supply is getting tighter every month, and thus, when a potential buyer sees a house that he or she likes, it is recommended to take action and thus conduct a purchase as soon as possible.
According to GLVAR, at the end of May, 4,972 single-family homes that were listed for sale were able to get purchased without any issues. This reflects a 34.8% decrease from 2016. When it comes to townhomes and condos, the 630 properties that were listed in May, without any offers, represented a 71.8% decrease from 2016.
Local home sales have also had an increase. In May of 2016, the total number of townhomes, condos, and local homes that were sold were 3,349. In May of 2017, there were 4,297 sold. Compared to 2016, sales were up 21.7% for townhomes and condos, and sales were up 29.9% for homes.
GLVAR has established that the total 2017 sales are 17,963, which includes townhomes, condos, homes, and other types of properties through MLS. It also reported that 26.9% of every local property sold in May was bought with cash, down from 28.2% in May of 2016. It also mentioned that cash investors and buyers are more active in Southern Nevada, but even so, it went on to further say that their influence has been declining.
For a number of years, GLVAR has reported more traditional homes sales and less distressed sales, where lenders are not taking control of the transaction. In May, the trend went on when 3.1% of every local sale that was made ended up being a short sale, which happened when lenders permitted borrowers to sell houses for less than what was owed on the mortgage.
All the GLVAR statistics take every month into account and are collected through its MLS service, which does not account newly constructed homes that are sold by owners or local builders.
More than $1 billion for homes was the total value of local real estate transactions on MLS during the month of May. Furthermore, for townhomes, high-rise condos, and condos, the total value of sales through the Las Vegas MLS for the month of May were more than $114 million. Compared to 2016, total sales volumes in May were up by 20.5% for townhomes and condos and up by 40.2% for homes.
Compared to last year around this time, condos and homes continue to sell faster. In May, 87.3% of every townhome and local condo and 81.6% of every local home was able to sell within 60 days. Last year, only 67.7% of all local townhomes and condos and 71% of all local homes were sold within 60 days. There is meaningful progress taking place!