Las Vegas housing supply remains tight; average sales price again increases

This 2016 photo shows a Las Vegas home for sale.

The average price for an existing single-family home sold in Las Vegas last month was $280,000, according to the Greater Las Vegas Association of Realtors.

Home prices increased 1.8 percent from February and 15.7 percent from March 2017. Also, the average sale price of townhouses and condos was $160,000, or a spike of 30.1 percent from the same time last year.

The total number of existing local homes, condos and townhouses sold during March was 3,886.

“Home prices and sales usually pick up in the spring, but prices for both homes and condos are going up faster so far this year than they usually do,” said 2018 Chris Bishop, a longtime local Realtor and the association president. “As for how many homes we’re selling, sales are fairly similar to this time last year and have begun to level off a bit. We attribute that, at least in part, to the fact that our local housing supply remains so tight, with about 30 percent fewer homes on the market now than we had one year ago.”

At the end of March, the association lists 3,855 single-family homes for sale without an offer. For townhouses and condos, 761 properties are on the market without offers. Last month, 82 percent of all existing homes and 89 percent of all existing local condos and townhouses sold within 60 days, according to the association.

The association distributes stats monthly based on information in its database. It may not account for new construction or properties sold by owners.

Real Estate