Las Vegas home prices up 16 percent from last year

Las Vegas home prices up 16 percent from last year

Source:  Vegas INC.

The average sales price for a single-family home in the Las Vegas area in April was $289,000, which is an increase of 3.2 percent from March and 16.1 percent from April 2017, according to a report from the Greater Las Vegas Association of Realtors.

Additionally, the median price of townhouses and condos sold last month was $155,000, or up 19.2 percent from last April.

The increasingly tight housing supply in Southern Nevada is contributing to higher prices, said Chris Bishop, a longtime local real estate agent and the association’s president.

“We just don’t have enough inventory to meet demand,” Bishop said in a statement.

The association reports 3,816 single-family homes listed without an offer, which is down 24.9 percent from last year. For condos and townhouses, 790 properties are listed without an offer — a 23.6 percent increase from one year ago.

“The biggest challenge we have in this market is available inventory, finding properties out there that people are willing to sell,” Bishop said.

Other highlights of the report include:

• In April, the number of existing homes, condos and townhomes sold was 3,571.

• Cash buyers represented 27.3 percent of purchases, which is comparable to 2017 but significantly below the February 2013 peak of 59.5 percent. That means investors are playing a smaller role in the housing market.

• Short sale and foreclosures combined for 2.5 percent of transitions in April, which is down from 8.4 percent last April.