Las Vegas housing prices remain at record level as supply drops

A sign advertises a home for sale in the northwest valley, Thursday, Jan. 9, 2020.

The median sale price of a single-family home sold in Southern Nevada in January matched an all-time high at $345,000, according to a report today from Las Vegas Realtors.

The mark is a 13.1% increase from January 2020. More important, it equals the record-setting median price of the past two months.

“The local housing market continues to perform better during this pandemic than most of us expected,” said Aldo Martinez, the group’s president, in a news release. “This month’s statistics are especially encouraging when you consider that January is usually one of the slowest months for both home sales and prices.”

Martinez, who took over Jan. 1 as the group’s president, said the number of homes available for sale remains well below the six-month supply considered to be a balanced market.

There are 2,315 single-family homes listed for sale without any sort of offer, which is down 52.8% from one year ago. There are 847 condos and townhomes listed without offers, a 40.3% drop from one year ago.

A total of 3,262 properties were sold in January.

“This presents a great opportunity for sellers, who’ve never seen a better time to sell their home for top dollar,” Martinez said.

The report also indicated that 41,617 total properties were sold in 2020, a slight increase from the 41,269 total sales in 2019. In 2017, 45,388 properties were sold.

Real Estate