Last year was the third-best sales year on record for Southern Nevada home sales, and the best year for existing local home sales since 2011, according to statistics released today by the Greater Las Vegas Association of Realtors.
According to GLVAR, 46,598 properties were sold, compared to 41,720 in 2016. Last year’s total ranks just below the 47,685 sales recorded in 2009 and the record of 48,798 existing local properties sold in 2011, when prices were still low after the recession.
Southern Nevada home prices went up 14 percent over last year, according to the GLVAR.
The median price for existing single-family homes sold during December through its multiple-listing service was $267,900 (up 2.6 percent from November). The median price of local condos and townhomes sold in December was $143,000, up 1.1 percent from November and up 26.5 percent from the same time last year.
“Most people would agree that 2017 was a pretty good year for our local housing market,” said Chris Bishop, a longtime local Realtor who became president of GLVAR on Jan. 1. “Homeowners and sellers enjoyed strong appreciation, and homes were selling as fast as we’ve seen in recent memory.”
Bishop said he was optimistic prices will continue to rise.
“Local home prices aren’t even close to their peak, which suggests that we have still have some room to grow,” he said. “Mortgage interest rates stayed relatively low. And foreclosures and short sales have become so rare that they’re really not a factor in the market.”
The tight housing supply that is driving the prices continues to be a challenge, especially for first-time homebuyers.
“We have a local housing supply of less than two months, when we’d like to have at least a six-month supply to have a balanced market,” Bishop said. “It has been this way for the past year or so, and we don’t see that changing anytime soon.”