Las Vegas Home Prices Jump
Las Vegas home prices and sales jumped during December during what is usually a sluggish time of the year, according to the Greater Las Vegas Association of Realtors. Home prices jumped 10.3% on the median price of a home from one year ago, while sales also kept up their pace to also rise.
The median price of homes sold through the Multiple Listing Service during December was $204,000. The median price of Las Vegas condominiums and town homes in December was $105,000, dipping 5.8 percent for the month.
“Single-family home prices are hovering above the $200,000 mark and have been fairly stable over the past year, which I think is a good thing for most consumers. One reason prices have held up so well is that we’ve been selling more higher-priced homes,” said new 2015 board president Keith Lynam. “We’re also seeing stability with the number of foreclosures and short sales making up a smaller share of the local housing market.”
Home prices, gauged by the median single-family home price increased 10 percent in 2014. The median price soared 24 percent each year in 2012 and 2013. Las Vegas home prices have bounced back since bottoming out at $118,000 in January 2012, but are below their June 2006 peak of $315,000.
The number of residential properties sold in December was 2,734, up from 2,483 in November. At the current pace of sales Southern Nevada has less than a four-month supply of homes for sale on the resale market. A six-month supply is usually considered to be a balanced market.
Fewer bank foreclosures amd short sales took place during 2014. In December, only 10 percent of local sales were short sales – which occur when lenders allow borrowers to sell a home for less than what they owe on the mortgage.
The total number of single-family homes listed for sale on GLVAR’s Multiple Listing Service in December was 12,377, down 7.8 percent from 13,421 in November and down 7.0 percent from one year ago.