As Southern Nevada’s weather is cooling, so predictably are local home prices.
The median price of existing single-family homes sold in November was $261,150, down slightly (0.7 percent) from October, but still up 8.8 percent from November 2016, according to statistics released Wednesday by the Greater Las Vegas Association of Realtors.
The median price of local condos and townhomes sold in November through GLVAR’s multiple-listing service was $141,500, up slightly (1.1 percent) from October and up 19.0 percent from the same time last year.
Home prices are following seasonal trends and are continuing to appreciate at about the same rate for the past few years, says GLVAR President David J. Tina, a longtime local Realtor.
“Like most years, we’re seeing prices level off heading into the winter months,” Tina said in a press release accompanying the statistics. “This is normal. Overall, the local housing market has been steady and strong, with sales going up and prices appreciating, but not going up too quickly.”
Demand continues to exceed the shrinking supply of homes available for sale, presenting challenges for many entry-level buyers, Tina says. Southern Nevada has less than a two-month supply of existing homes available for sale. A six-month supply is considered to be a balanced market.
“We have a growing population and an undersupply of homes on the market,” Tina said. The housing supply is tight nationwide, he noted, with no relief in sight.
“So regardless of what happens here over the next five years or so, we’re still going to need more houses for all the people moving here,” Tina said.
GLVAR reported 4,538 single-family homes listed for sale at the end of November without any offer, down 33.1 percent from this time last year. There were 735 condos and townhomes listed without offers in November, a 29.1 percent drop from a year ago.
Home sales in 2017 are about 10 percent ahead of the pace last year, when 41,720 properties were sold in Southern Nevada. GLVAR statistics show that 2017 is on pace to be the best year for local home sales since at least 2012.