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The Las Vegas real estate market has battled a low inventory this year. The trend continues this month as the housing inventory remains low. However, there is good news for sellers. Las Vegas home sales have increased over the last few months even with the slim inventory.
According to a report released early in October by the Greater Las Vegas Association of REALTORS® (GLVAR), the median price of Las Vegas houses listed during September through its Multiple Listing Service (MLS) was $233,000 an increase of 6.1 percent from last year’s $220,000.
The median price of condominiums and townhouses sold in September was $115,000. This is a decrease of 3.4 percent from last year’s $119,000.
Inventory Remains Low in Las Vegas
While price increases have slowed, experts are still concerned about the low real estate inventory in Las Vegas. In fact, they are most concerned about the shortage of condominium and town-home listings. Still, home buyers are not letting the shortage of inventory keep them from making their real estate goals a reality.
According to the report, the total number of residential properties sold in September was 3,541, compared to September of last year when 3,285 homes, condominiums, and townhouses sold. These numbers show a 8.9 percent increase in condos sales, and a 7.6 increase in houses sold this year compared to last year.
The real estate market is considered balanced with a 6-month supply of inventory. However, the current Las Vegas inventory consists of less than a three-month supply of houses for sale. The limited supply continues to be the trend for 2016.
GLVAR’s statistics show that the homes that are selling are reaching closing at an increased rate. In September, 76.1 percent of houses sold within 60 days, an increase from the 68.4 percent in September of 2015. The percent of condos sold within 60 days rose to 77.3 percent in September from 63.8 percent last year.
Short Sales Not as Prominent in Las Vegas
By month’s end, GLVAR’s reports indicated 7,427 single-family homes remained for sale without receiving offers, down 8.7 percent from last September. Condos and townhouses also experienced a significant decrease from last month with 1,161 properties listed for sale without receiving offers. This is a startling decrease of 49.8 percent from last year.
On the up-side, fewer homeowners listed their houses for sale due to distress, with an increase in traditional home sales versus short sales wherein lenders control the transaction, allowing the owner to sell the house for less than they owe. In September, 4.6 percent of local sales were short sales, down 6.8 percent from last year. The number of bank-owned sales is 6.0 percent. This number is a decrease of 7.1 percent from September of 2015.
Cash purchases are down from 26.8 percent in September of last year to 25.6 percent this year in Southern Nevada. Cash buyers are adding stability to the real estate market this year, even as their influence is on the decline. Still, investors in Southern Nevada are more active than in other markets.
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