Despite Fewer Home Sales, Las Vegas Home Prices Keep Climbing
Based on new data by Las Vegas Realtors, local home prices are still climbing, even as sales are down from the same time last year.
LVR reported that the median price of existing single-family homes sold in Southern Nevada during March 2022 was $460,000. That breaks the record set the previous month. The median home price is up 26.7% from $363,000 one year ago.
The median price of local condos and townhomes sold in March 2022 increased to $270,000. That also breaks the all-time record set the previous month and is up 39.2% from $194,000 in March 2021.
LVR President Brandon Roberts said existing local home prices have nearly quadrupled since hitting their post-recession bottom in January of 2012, when the median single-family home price in Southern Nevada was $118,000.
"We keep expecting prices to slow down at some point, but it's not happening yet," Roberts said. "With mortgage interest rates rising recently and the inventory of homes available for sale as low as it has ever been, it's no surprise that we're starting to see fewer homes being sold."
By the end of March, LVR reported 2,005 single-family homes listed for sale without any sort of offer. That's up 13.1% from the same time last year. However, the 394 condos and townhomes listed without offers in March represent a 34.0% decrease from one year earlier.
LVR reported a total of 4,205 existing local homes, condos and townhomes sold in March. While sales increased from February, March sales were down 12.2% for homes and down 6.5% for condos and townhomes compared to one year earlier.
Similar to the past few months, Roberts said the sales pace during March equates to less than a one-month supply of properties available for sale and represents "an extremely tight housing supply."
So far this year, existing local home sales are down from the same time in 2021. According to LVR, 2021 was a record year for existing home sales in Southern Nevada, with 50,010 local homes, condos, townhomes and other residential properties selling. That was the first time the association reported more than 50,000 local properties changing hands in a year and topped the previous record set in 2011 by nearly 2,000 sales. By comparison, LVR reported 41,155 total sales during 2020.
During March, LVR found that 31.7% of all local property sales were purchased with cash. That's up from 24.1% one year ago. While that percentage has been increasing, it's still below the March 2013 cash buyer peak of 59.5%.
Aided by restrictions on evictions and foreclosures during the pandemic, the number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for just 0.2% of all existing local property sales in March. That compares to 0.6% of all sales one year ago, 2.0% of all sales two years ago, 2.5% of all sales three years ago, 2.9% four years ago, and 9.8% five years ago.
These LVR statistics include activity through the end of March 2022. LVR distributes statistics each month based on data collected through its MLS, which does not account for all newly constructed homes sold by local builders or homes for sale by owners.
Other market highlights include: