Local home prices cooled off slightly in January but are still up more than 11 percent from one year ago, according to a report released Wednesday by the Greater Las Vegas Association of REALTORS.
GLVAR reported that the median price for existing single-family homes sold in Southern Nevada during January dipped to $265,000. That’s down 1.1 percent from December, but still up 11.3 percent from January of 2017.
Meanwhile, the median price of local condos and townhomes sold in January was $149,888, up 32.1 percent from the same time last year.
Based on recent trends, GLVAR president Chris Bishop expects 2018 to be another strong year for the local housing market with rising home prices -– which increased by 14 percent from the beginning to the end of 2017.
One reason he expects prices to keep increasing is that demand for homes in Southern Nevada continues to exceed the shrinking local housing supply – which remains below two months when a six-month supply is considered a balanced market.
By the end of January, GLVAR reported 3,718 single-family homes listed for sale without any sort of offer. That’s down 36.5 percent from one year ago. For condos and townhomes, the 634 properties listed without offers in January represented a 21.8 percent drop from one year ago.
The total number of existing local homes, condos and townhomes sold during January was 2,812. Compared to one year ago, January sales were up 5.5 percent for homes and up 3.8 percent for condos and townhomes.
According to GLVAR, the 46,598 existing local properties sold during 2017 made it the third-best sales year on record and the best year for existing local home sales since 2011.
GLVAR reported that 29.2 percent of all local properties sold in January were purchased with cash, compared to 29.8 percent one year ago. That’s less than half of the February 2013 peak of 59.5 percent.
At the same time, the number of so-called distressed sales continues to decline. GLVAR reported that short sales and foreclosures combined accounted for 4.3 percent of all existing local home sales in January, compared to 11 percent of all sales one year ago.
Homes and condos continued to sell faster than last year at this time. In January, 76.8 percent of all existing local homes and 83.1 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago when 71.4 percent of all existing local homes and 78.6 percent of all existing local condos and townhomes sold within 60 days.