Las Vegas Home Prices Slip 5.6 Percent Annually in February

Las Vegas Home Prices Slip 5.6 Percent Annually in February

Residential News » Las Vegas Edition | By WPJ Staff | March 7, 2023 8:41 AM ET

Local home prices leveled off last month, says Las Vegas Realtors, with more homes available for sale and fewer changing hands than one year ago.

LVR reported that the median price of existing single-family homes sold in Southern Nevada during February was $424,995. That's nearly identical to the previous month, but down 5.6% from $450,000 in February of 2022. It's also down from the all-time record price of $482,000 in May of 2022.

The median price of local condos and townhomes sold in February was $255,000, the same as it was in January. That's down 1.9% from $260,000 in February of 2022, and down from the all-time record price of $285,000 in May.

"The local housing market is much more balanced now than it has been in recent years," said 2023 LVR President Lee Barrett. "Instead of sellers having the advantage, buyers are now in a better position, since prices have stabilized and we have more homes on the market. We've now seen two straight months of stable home prices. It was also encouraging to see sales increase from January to February, while new listings continue to decline. Even with mortgage interest rates reaching 7% recently, this shows a strong underlying interest in owning a home here in Southern Nevada."

By the end of February, LVR reported 4,665 single-family homes listed for sale without any sort of offer. That's up 167.9% from the same time last year. Likewise, the 1,155 condos and townhomes listed without offers in February represent a 265.5% jump from one year earlier.

As for sales, LVR reported a total of 2,172 existing local homes, condos and townhomes sold in February. Compared to February 2022, sales were down 31.5% for homes and down 32.7% for condos and townhomes.

The sales pace in February equates to nearly a three-month supply of properties available for sale. Last year at this time, Southern Nevada was facing a housing shortage and had less than a one-month supply.

A year ago, Southern Nevada was coming off a record year for existing home sales, with 50,010 homes, condos, townhomes and other residential properties selling during 2021. 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. By comparison, LVR reported 35,584 total sales during 2022.

During February, LVR found that 27.1% of all local property sales were purchased with cash. That's nearly identical to the previous month and down from 30% one year ago. It's also well below the March 2013 cash buyer peak of 59.5%.

The number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 1.2% of all existing local property sales in February. That compares to 0.4% of all sales one year ago, 0.6% two years ago, 2.5% three years ago, 2.6% four years ago and 3.8% five years ago.

These LVR statistics include activity through the end of February 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 February was more than $852 million for homes and more than $121 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales values in February were down 36.5% for homes and down 36.2% for condos and townhomes.
  • In February, 61.0% of all existing local homes and 68.9% of all existing local condos and townhomes sold within 60 days. That's down from one year earlier, when 88.6% of all existing local homes and 93.3% of all existing local condos and townhomes sold within 60 days.

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