Residential Real Estate News
Las Vegas Home Sales Jump 19 Percent Annually in April
Las Vegas Realtors released a new report this week indicating a significant uptick in housing prices during April 2024, particularly for condos and townhomes, which reached an all-time high.
In Southern Nevada, the median price for existing single-family homes surged to $469,000, marking a 9.1% increase from April 2023's $430,000. However, despite this rise, home prices remain beneath the peak recorded in May 2022 at $482,000.
Condo and townhome prices followed suit, with the median price climbing to $290,000, a 7.4% rise from April 2023's $270,000, breaking the previous record set in August 2022 at $287,000.
Merri Perry, President of LVR, noted the resilience of local home prices despite recent hikes in mortgage interest rates. She expressed satisfaction in observing a surge in property sales for the preceding month.
"Mortgage rates have been slowing down home sales this year, so it's good to see more homes and condos selling," Perry said. "Overall, demand continues to outpace the supply of homes here in Southern Nevada, and that's driving up prices."
By the end of April, LVR reported 3,476 single-family homes listed for sale without offers, marking a 7.0% decrease from the previous year. Meanwhile, condos and townhomes listed without offers rose by 29.5% to 1,248 units.
A total of 2,960 existing local homes, condos, and townhomes were sold in April 2024, reflecting a 19.2% increase for homes and a 16.1% rise for condos and townhomes compared to April 2023. This pace suggests a housing supply of less than two months, akin to the previous year and historically low.
In 2023, existing local home sales were the slowest since 2008, with 29,069 properties sold, a decline from 35,584 in 2022. This came after a record year in 2021, with 50,010 properties sold.
Cash transactions accounted for 26.9% of all local property sales in April, up from 22.3% the previous year but significantly lower than the peak of 59.5% in May 2013.
The proportion of distressed sales remained relatively low, with short sales and foreclosures comprising 1.2% of all existing local property sales in April, compared to 0.8% the previous year.
These statistics, compiled by LVR, include data up to April 2024 and are based on MLS records, excluding newly constructed homes by local builders or properties sold by owners directly.
Additional highlights from the market include:
- Total real estate transactions tracked through the MLS in April exceeded $1.4 billion for homes and over $193 million for condos, high-rise condos, and townhomes, marking a 35.4% increase for homes and 28.5% for condos and townhomes compared to the previous year.
- 83.0% of all existing local homes and 84.1% of condos and townhomes sold within 60 days in April, compared to 71.5% and 75.7% respectively the previous year.
