If you’re keeping an eye on the Las Vegas real estate market, you’re in for some exciting news! According to a recent report from Las Vegas Realtors (LVR), home prices in the area are not just holding steady—they’re springing forward with vigor. So, what’s the scoop? Let’s dive into the latest numbers and trends.
Home Sweet Home: Price Surge in Single-Family Homes
In April, the median price of existing single-family homes in Southern Nevada hit $469,000. That’s a solid 9.1% increase from $430,000 in April 2023. While it’s still a bit shy of the all-time high of $482,000 set in May 2022, this jump is a clear sign of a thriving market.
Condo and Townhome Market Hits Record Highs
Hold onto your hats because condos and townhomes are setting records! The median price for these properties reached an all-time high of $290,000 in April, up 7.4% from $270,000 in April 2023. This beats the previous record of $287,000 from August 2022.
Resilience Amid Rising Rates
Merri Perry, the president of LVR, noted the impressive resilience of home prices despite rising mortgage rates. Even with higher rates, more properties are selling, indicating strong demand in Southern Nevada. According to Perry, the demand continues to outstrip supply, pushing prices upward.
Inventory Insights: Homes and Condos
By the end of April, there were 3,476 single-family homes listed for sale without offers, down 7% from the previous year. Meanwhile, the number of condos and townhomes listed without offers rose by 29.5% to 1,248.
Sales on the Rise
April was a bustling month for real estate transactions. LVR reported 2,960 existing homes, condos, and townhomes sold, with home sales up 19.2% and condo and townhome sales up 16.1% compared to April 2023. The sales pace indicates a less than two-month housing supply, which remains low by historical standards.
A Look Back: Sales Trends Over the Years
2023 was a slower year for local home sales, the slowest since 2008, with a total of 29,069 sales. This was a drop from 35,584 in 2022 and far below the record of 50,010 properties sold in 2021.
Cash is King: Rise in Cash Transactions
In April, 26.9% of all local property sales were cash transactions, up from 22.3% a year ago. While this is significantly lower than the peak of 59.5% in May 2013, it still highlights the confidence buyers have in the market.
Distressed Sales: Keeping It Low
Distressed sales, including short sales and foreclosures, remain low, accounting for just 1.2% of all sales in April. This is a slight increase from 0.8% a year ago but remains near historic lows.
The Big Picture: Real Estate Value
In April, the total value of real estate transactions through the MLS exceeded $1.4 billion for homes and $193 million for condos and townhomes. This represents a 35.4% increase for homes and a 28.5% increase for condos and townhomes compared to last year.
Quick Sales: Speedy Transactions
April saw 83% of homes and 84.1% of condos and townhomes selling within 60 days. This is a notable improvement from last year when 71.5% of homes and 75.7% of condos and townhomes sold within the same timeframe.
So, there you have it! The Las Vegas real estate market is not just alive and kicking; it’s booming. Whether you’re buying, selling, or just curious, it’s a fascinating time to watch this vibrant market. Stay tuned for more updates as we keep an eye on these exciting trends!
Discover the epitome of Las Vegas living with The Smith Team Las Vegas. We’re your trusted partners in finding the ideal residence that perfectly complements your Vegas lifestyle and allows you to craft unforgettable memories. Join us on this thrilling expedition towards your dream home! Contact us now, and together, we’ll transform Las Vegas into your cherished home sweet home.
