Yet local area home prices still climbing in Q1
According to Las Vegas Realtors, local area home prices continued to climb while residential sales started to decline in April 2022.
LVR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during April was $475,000. That breaks the record set the previous month. The median home price is up 26.7% from $375,000 one year ago. The median price of local condos and townhomes sold in April increased to $275,000. That also breaks the all-time record set the previous month and is up 35.8% from $202,450 in April 2021.
LVR President Brandon Roberts said existing local home prices have now quadrupled since hitting their post-recession bottom in January of 2012, when the median single-family home price in Southern Nevada was $118,000.
"With mortgage interest rates going up in recent months and so few homes available for sale, it's no wonder we're selling fewer homes," Roberts said. "Although local home prices are still increasing, we expect the rate of appreciation to start slowing down at some point as these trends continue. At least we had more homes available for sale than we had the previous month and the previous year."
By the end of April, LVR reported 2,441 single-family homes listed for sale without any sort of offer. That's up 33.6% from the same time last year. However, the 508 condos and townhomes listed without offers in April represent a 2.1% decrease from one year earlier.
LVR reported a total of 3,777 existing local homes, condos and townhomes sold in April. Compared to one year earlier, sales were down 14.9% for homes and down 24.2% for condos and townhomes.
Even with the increased inventory, April's sales pace equates to less than a one-month supply of properties available for sale. Roberts said the local housing supply has rarely, if ever, been this low.
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 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 April, LVR found that 32.0% of all local property sales were purchased with cash. That's up from 27.9% one year ago. While that percentage has been increasing this year, 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 0.5% of all existing local property sales in April. That compares to 0.9% of all sales one year ago, 1.5% of all sales two years ago, 3.0% of all sales three years ago, 2.5% four years ago and 8.4% five years ago.
These LVR statistics include activity through the end of April 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: