In May, the Greater Las Vegas Association of Realtors (GLVAR) reported that the average home price in Las Vegas remained at $300,000 for the third straight month. At the same time, the organization reports that inventories have risen over last year's numbers, but there is still only a three month supply.
Median home prices in Las Vegas remained the same for three months, but it is still 1.7% over the same month the previous year. While it's an increase, it's the lowest year-over-year increase since 2012. At that time, the median home price was $128,000 and the area was still recovering from the housing crisis.
Condo and townhouse prices rose by 12.2% over May of 2018 according to the GLVAR report.
For the last 6+ years, home prices have been rising consistently from a low of $118,000 in 2012 to $300,000 in May.
The report states that 20.4% of the homes purchased in May were purchased for cash, down about 4% from a year ago. This indicates that cash buyers and investors are playing a smaller role in the market than at the peak in February 2013 when 59.5% of homes were purchased for cash.
At the same time, "distressed" properties make up a historically low percentage of homes sold. These are foreclosed or short sale properties. While Nevada is still number 9 in the country for foreclosures, those numbers are miniscule compared to the millions of foreclosures that were being enacted at the height of the housing crisis.
The report shows that the total value of transactions in the Multiple Listing Service in May was about $1.2 billion for homes. Condo sales hit $144 million for the month. This reflects a total value increase of 9.9% and 13.3%, respectively, year over year.
Sales are slowing over last year. 75.0% of existing homes and 76.9% of condos and townhomes sold within 60 days. In 2018, these numbers were 87.2% and 91.4%. While not entirely a buyers' market, the sellers' market is softening make homes more affordable and making the market slightly more stable, allowing buyers to take their time searching for the right home.