Greater Las Vegas Housing Market Cools in October

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According to the Greater Las Vegas Association of Realtors, in the month of October 2016, local housing supply remains tight as Southern Nevada home prices and sales cooled a bit from previous months but remain ahead of last year's levels.

GLVAR reported the median price of existing single-family homes sold during October through its Multiple Listing Service (MLS) was $233,250. That was down slightly from September, but still up 5.1 percent from $222,000 one year ago.

Meanwhile, the median price of local condominiums and townhomes sold in October was $117,550. That was up 18.7 percent from $99,000 one year ago.

"These GLVAR statistics for October show what a stable housing market we have. They also reflect some seasonal factors," said 2016 GLVAR President Scott Beaudry, a longtime local Realtors. "The housing market tends to slow down in the fall as kids go back to school and the weather cools off, so it's no surprise to see local home sales and prices cool off a bit in October. Our housing supply has been very tight for many months now, and I don't see that changing anytime soon. As for local home prices, they continue to appreciate at a slower rate year over year."

According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in October was 3,225. That was down slightly from September, but up 5.5 percent from 3,057 one year ago. Compared to the same month one year ago, 6.7 percent more homes, and 6.1 percent more condos and townhomes sold in October.

So far in 2016, Beaudry said Southern Nevada is on pace to sell more existing homes than during 2015 and during 2014, but fewer than during each of the previous five years.

By the end of October, GLVAR reported 7,693 single-family homes listed for sale without any sort of offer. That's down 29.7 percent from one year ago. For condos and townhomes, the 1,245 properties listed without offers in October represented a 45.8 percent decrease from one year ago.

Beaudry said Southern Nevada has been hovering below a three-month supply of homes available for sale, when a six-month supply is considered to be a balanced market.

Homes have been selling faster this year. Compared to one year ago, the number of days single-family homes stayed on the market before selling during October decreased 20.7 percent, from 58 days on the market in October 2015 to 46 days in October 2016.
 
The sales pace was even faster for condos and townhomes, which saw a 35.7 percent decrease in the number of days these properties stayed on the market during October 2016 compared to the same month one year ago, going from 70 to 45 days on the market.