21 October 2016

Home Sales in Southern Nevada Rise in September

Investors know when the time is ripe for property; one of the reasons why they remain astute observers of the latest news in the market. Here, we take a look at one such trend – the continued rise of home sales and prices in southern Nevada.

The Greater Las Vegas Association of Realtors (GLVAR) has, in their latest monthly outlook, reported that the housing supply in Las Vegas continues to shrink; an effect that comes with the concomitant rise in home sales and a stabilization in the price of property.

In September, for example, the average price of single-family homes rose from a median value of $220,000 one year ago to $235,000 this year. Though this is a slight decline on August values, it demonstrates – over the long term – a steady increase and stabilization of values.

In contrast, the median value of local condominiums and townhomes declined from the same point one year ago. They sold for $119,000 in September 2015, but last month the average sale was $115,000. Again, it reflects stability rather than long-term decline.

The GLVAR President, Scott Beaudry, notes that:

“Our housing supply has been tight for a long time, especially for homes in lower price ranges. We have less than a three-month supply of homes available for sale, when a six-month supply is considered to be a balanced market.”

Mr. Beaudry goes on to say that the number of townhouses and condominiums for sale as it an all-time low for the past 4 years.

Let’s take a quick look at their September statistics:

  • 3,541 local homes, condominiums, and townhomes were sold in September.
  • This is up almost 300 properties on the same time last year.
  • 38,578 single-family homes, condominiums, townhomes, and high-rise condos were sold in 2016 to date – up from recent years.
  • GLVAR reports also show that they are tracking fewer distressed sales.
  • The total value of real estate transactions tracked during September holds a value of $782 million – up (on average) 8-9 percent on the previous year.