Residential Real Estate News
Las Vegas Condo Prices Spike 26% Annually, Breaking Records
Based on a new report by Las Vegas Realtors, the median price of existing single-family homes sold in Southern Nevada during October 2021 was $410,000. The median home price is up 20.5% from $340,200 one year ago. That tops the record high set the previous month by 0.9%.
The median price of local condos and townhomes sold in October was $236,000. That's also an all-time record and up 26.5% from $186,500 in October of 2020.
"Our home prices are still increasing, but they're going up more gradually," said LVR President Aldo Martinez. "Even though we're slowing down a bit, home prices are still rising. Buyers looking for more affordable options have been turning to condominiums and townhomes, as witnessed by the median condo price of $236,000. As we've been saying for some time, the rate of appreciation we've seen this year is great for homeowners, and the low interest rates have been great for home buyers."
Meanwhile, the local housing supply remains tight, causing homes to sell faster than they were last year. Martinez said the current sales pace equates to a roughly one-month supply of properties available for sale.
By the end of October, LVR reported 3,287 single-family homes listed for sale without any sort of offer. That's down 27.0% from the same time last year. The 583 condos and townhomes listed without offers in October represent a 7.2% decrease from one year ago.
LVR reported a total of 3,882 existing local homes, condos and townhomes sold during October. Compared to one year ago, October sales were down 4.6% for homes, but up 9.4% for condos and townhomes.
As for other trends, Martinez said the high end of the local housing market continues to outperform the overall market. In fact, he said 2021 is setting new benchmarks for sales of homes priced over $1 million, with more than 1,300 sales so far this year, more than doubling 2020 and tripling 2018.
The local housing market has been rebounding steadily for nearly a decade since hitting its post-recession bottom in early 2012. Since the pandemic, Martinez said Southern Nevada has generally followed national trends, with a shortage of homes available for sale, strong demand and historically low mortgage interest rates paving the path to record home prices.
Martinez added that "builders have not been able to keep up with population growth and demand in recent years, and this has added to our supply issue, leading to higher home prices." Still, he predicts "a stable 2022."
During October, LVR reported that 29.6% of all local property sales were purchased with cash. That's up from 19.2% one year ago. While that percentage has been increasing lately, it's still below the March 2013 cash buyer peak of 59.5%.
With government-imposed restrictions on evictions and foreclosures, the number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for just 0.3% of all existing local property sales in October. That compares to 0.9% of all sales one year ago, 2.4% of all sales two years ago, 3.0% three years ago and 5.2% four years ago.
These LVR statistics include activity through the end of October 2021. LVR distributes statistics each month based on data collected through its MLS, which does not account for all newly constructed homes sold by local builders or homes for sale by owners.
Other Southern Nevada market highlights include:
- The total value of local real estate transactions tracked through the MLS during October was more than $1.5 billion for homes and nearly $204 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales values in October were up 13.5% for homes and up 37.0% for condos and townhomes.
- Homes have been selling faster this year than in previous years. In October, 92.6% of all existing local homes and 94.9% of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 85.4% of all existing local homes and 81.4% of all existing local condos and townhomes sold within 60 days.
