Home prices continue to increase in Southern Nevada

Local home prices rose again in March while the local housing supply stayed tight, according to a report released Friday by the Greater Las Vegas Association of REALTORS.

GLVAR reported that the median price for existing single-family homes sold in Southern Nevada during March was $280,000. That’s up 1.8 percent from the previous month and up 15.7 percent from March of 2017. The median price of local condos and townhomes sold in March was $160,000, up 30.1 percent from the same time last year.

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The total number of existing local homes, condos and townhomes sold during March was 3,886. Compared to one year ago, March sales were down 1.3 percent for homes, but up 3.7 percent for condos and townhomes. 

By the end of March, GLVAR reported 3,835 single-family homes listed for sale without any sort of offer. That’s down 30.1 percent from one year ago. For condos and townhomes, the 761 properties listed without offers in March represented a 6.4 percent increase from one year ago.

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Southern Nevada still has less than a two-month supply of existing homes available for sale when a six-month supply is considered a balanced market.

Meanwhile, the number of so-called distressed sales continues to decline. GLVAR reported that short sales and foreclosures combined accounted for 2.9 percent of all existing local home sales in March, compared to 9.8 percent of all sales one year ago. 

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