LAS VEGAS – A report released Friday by the Greater Las Vegas Association of REALTORS® (GLVAR) shows home prices in Southern Nevada stayed the same from October to November but are still up from one year ago.
GLVAR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during November was $307,000. That’s the same median price as October, but up 4.1% from $295,000 in November of 2018.
Meanwhile, the median price of local condos and townhomes sold in November was $175,000. That was up 6.1% from $164,900 in November of 2018.
“The overall trends in our housing market have basically been the same all year,” said 2019 GLVAR President Janet Carpenter, a longtime local REALTOR®. “Home prices have been rising gradually compared to last year and the past several years. Sales have been running slightly behind last year’s pace. Homes are staying on the market a little longer. And our local housing supply is still very tight and only about half of what we’d like it to be.”
As for 2020, Carpenter expects to see more of the same, citing Southern Nevada’s strong job, population and economic growth that continue to drive demand for housing and reports from the National Association of REALTORS® (NAR) and others suggesting modest increases in home prices next year. She expressed skepticism about a report released this week by Realtor.com that predicted existing home prices in Southern Nevada could fall by about 1% in 2020.
Just as prices have been rising more gradually lately, Carpenter said fewer homes have been selling this year compared to the previous few years. For all of 2018, GLVAR reported a total of 42,876 local property sales. That was down from 45,388 in all of 2017. The total number of existing local homes, condos and townhomes sold during November was 2,946. Compared to one year ago, November sales were up 5.0% for homes, but down 4.6% for condos and townhomes.
By the end of November, GLVAR reported 6,531 single-family homes listed for sale without any sort of offer. That’s down 6.7% from one year ago. For condos and townhomes, the 1,711 properties listed without offers in November represented a 6.6% increase from one year ago.
While the local housing supply had been increasing for much of 2019, Carpenter said it’s still well below the six-month supply that is considered to be a more balanced market. At the current sales pace, she said Southern Nevada has less than a three-month supply of homes available for sale. Compared to one year ago, total sales values in November were up 12.4% for homes and up 2.5% for condos and townhomes.
About the GLVAR: GLVAR was founded in 1947 and provides its more than 14,000 local members with education, training and political representation. The local representative of the National Association of REALTORS®, GLVAR is the largest professional organization in Southern Nevada.
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