–Existing local home prices finally broke their all-time record, while the housing supply keeps shrinking. However, it remains to be seen if new concerns about the spread of the Coronavirus domestically will dampen what is shaping up to be a competitive home-buying season.
–The median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service during February 2020 was $316,000. That was up 3.6% from January and up 6.7% from February of 2019, passing the previous record of $315,000 set in June of 2006.
–Meanwhile, the median price of local condos and townhomes sold in February was $175,000, the same as January and up 6.1% from February of 2019.
–The total number of existing local homes, condos and townhomes sold during February was 3,089. Compared to the same time last year, February sales were up 25.7% for homes and up 14.0% for condos and townhomes.
–The local housing supply continues to shrink to historically low levels. The current sales pace equates to less than a two-month supply of homes available for sale. A six-month supply is considered a more balanced market.
–By the end of February, 4,240 single-family homes listed for sale without any sort of offer. That’s down 40.6% from one year ago. For condos and townhomes, the 1,214 properties listed without offers in February represented a 30.8% drop from one year ago.
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