Las Vegas Condo Prices Reach New Record High in August

Las Vegas Condo Prices Reach New Record High in August

Residential News » Las Vegas Edition | By Michael Gerrity | September 6, 2023 8:04 AM ET

Based on a new report by Las Vegas Realtors, local home prices remained remarkably stable, while prices for condos and townhomes reached an all-time high.

LVR reported that the median price of existing single-family homes sold in Southern Nevada during August was $447,435. That's down 0.6% from $450,000 in August of 2022. Local home prices are still below the all-time record of $482,000 set in May of 2022.

The median price of local condos and townhomes sold in August set a new all-time high of $287,000. That's up 8.3% from $264,900 in August of 2022 and tops the previous record of $285,000 set in May 2022.

LVR President Lee Barrett said a persistently tight housing supply and recently rising mortgage interest rates continue to shape the market.

"Homes prices haven't changed much lately," Barrett said. "As for the record price for condos and townhomes, I attribute that to the demand for lower-priced housing options exceeding our supply. Mortgage rates are obviously a factor. But as we've been saying all year, the biggest challenge we face in the local housing market is a very tight housing supply."

By the end of August, LVR reported 3,881 single-family homes listed for sale without any sort of offer. That's down 51.5% from the same time last year. Likewise, the 978 condos and townhomes listed without offers in August represent a 46.0% decline from one year earlier.

LVR reported a total of 2,649 existing local homes, condos and townhomes sold in August. Compared to August 2022, sales were up 0.3% for homes and up 4.7% for condos and townhomes.

The sales pace in August equates to less than a two-month supply of properties available for sale. Last year at this time, Southern Nevada had more than a three-month housing supply.

Fewer homes have been selling this year than during 2022, when LVR reported 35,584 total sales. That followed a record year for existing local home sales in 2021, when LVR reported 50,010 homes, condos, townhomes and other residential properties were sold. That was the first time LVR reported more than 50,000 local properties selling in a year. It topped the previous record set in 2011 by nearly 2,000 sales.

During August, LVR found that 26.0% of all local property sales were cash transactions. That's down from 27.4% one year ago. It's also well below the May 2013 cash buyer peak of 59.5%, suggesting that investors have been less active in the local housing market.

The number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 1.6% of all existing local property sales in August. That compares to 0.2% one year ago, 0.3% two years ago, 1.2% three years ago, 2.1% four years ago and 2.5% of all sales five years ago.

These LVR statistics include activity through the end of August 2023. 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 Las Vegas highlights include:

  • The total value of local real estate transactions tracked through the MLS during August was nearly $1.2 billion for homes and more than $195 million for condos, high-rise condos and townhomes. Compared to one year earlier, total sales values in August were up 8.6% for homes and up 13.4% for condos and townhomes.
  • Homes have been staying on the market longer than they were last year. In August, 85.3% of all existing local homes and 88.5% of all existing local condos and townhomes sold within 60 days. That's down from one year earlier, when 92.6% of all existing local homes and 93.6% of all existing local condos and townhomes sold within 60 days.

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