March 2018 ended with home prices rising again in the Las Vegas Valley and the existing home supply is still tight according to a report from the Greater Las Vegas Association of Realtors. The housing market is still a long way from the prices at the peak of the market during the prior decade before the great recession.
The median prices for an existing single-family home in Southern Nevada sold in March was $280,000 - this figure comes from the MLS (Multiple Listing Service). This figure shows a rise of 1.8 percent from February and 15.7 percent higher than March 2017. The condo and townhome market also was a rise in prices with a median price of $160,000 – that is up 30.1 percent from a year ago.
Chris Bishop, 2018 GLVAR president, stated “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.” Bishop added that the sales of existing homes are almost similar to this time last year.
There is still only less than a two-month supply of existing homes for sale – a six month supply is needed for a balanced market. The number of distressed home sales is still on the decline - foreclosure homes and short sales account for 2.9 percent of the existing home sales. In March 2017 that percentage was 9.8 of total sales for short sales and foreclosures.
Keep in mind that whether you are interested in buying a home or selling a home, a Realtor should represent you– this person is working for your benefit and will help you navigate through the buying or selling process. I have thirteen years in New Home Sales and fifteen years in General Real Estate sales!
Thanks and make it a terrific day…………Robin