LAS VEGAS (KLAS) — Townhomes and condominiums are selling for 5.4 percent more than they were a year ago. And the median price of single-family homes rose by 4.5 percent over July 2018 levels, according to figures released today by the Greater Las Vegas Association of Realtors.
As the prices continue to grow, the number of sales is ping around the Las Vegas valley. While 42,876 properties sold in all of 2018, that’s down from 45,388 in 2017. Numbers in 2019 continue to .
That means the local housing supply is going up, but experts say the market is just starting to balance out after seven years of big growth.
“We’re running out of synonyms for stable,” said 2019 GLVAR President Janet Carpenter, a longtime local Realtor. “Local home prices are appreciating, but at a more gradual rate than they have been in many years. As we’ve been saying for months, the local housing market hasn’t been this stable in nearly 20 years.”
Other signs point to less activity by investors, leaving more opportunity for families:
- Fewer properties were sold for cash (21.7 percent, vs. 22.6 in July 2018)
- Homes are staying on the market longer (78 percent sold within 60 days, vs. 89 percent in 2018)
- Fewer short sales and foreclosures (2 percent, vs. 2.9 percent in 2018 and 6.4 percent in 2017)