LVR reports more homes available for sale

LVR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during October was $475,531. That’s up 5.9 percent from $449,000 in October of 2023, but still below the all-time record of $482,000 set in May of 2022.

The median price of local condos and town homes sold in October set another record high, at $315,000. That’s up 14.3 percent from $275,500 in October 2023 and beats the previous high of $299,500 set in September.

LVR President Merri Perry, a longtime local Realtor, said, “It will be interesting to see what happens to the housing market now that the election is ending, since many national reports have suggested that uncertainty surrounding the election has made many would-be buyers pause their plans. As this month’s report shows, recent trends are showing steady increases in inventory and sales surpassing last year’s levels.”

By the end of October, LVR reported 5,784 single-family homes listed for sale without any sort of offer. That’s up 37.3 percent from one year earlier. Meanwhile, the 1,799 condos and town homes listed without offers in October represent a 50.5 percent increase from one year earlier.

LVR reported a total of 2,458 existing local homes, condos and town homes sold in October. Compared to October 2023, sales were up 12.9 percent for homes and up 13.9 percent for condos and town homes. The sales pace in October equates to a housing supply of just over three months. That’s up from last year at this time, when Southern Nevada had just over a two-month housing supply.

For most of 2024, home sales have been ahead of the pace set in 2023, which was the slowest year for existing local home sales since 2008. LVR reported a total of 29,069 sales of existing local homes, condos and town homes in 2023. That was down from 35,584 total sales in 2022. That followed a record year for existing local home sales in 2021, when LVR reported 50,010 total properties were sold.

During October, LVR found that 23.3 percent of all local property sales were cash transactions. That’s down from 26.6 percent one year ago and well below the October 2013 cash buyer peak of 59.5 percent.

The number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 0.9 percent of all existing local property sales in October. That compares to 1.4 percent one year ago, 0.3 percent two years ago, 0.3 percent three years ago, 0.9 percent four years ago and 2.4 percent five years ago.

These LVR statistics include activity through the end of October 2024. LVR distributes statistics each month based on data collected through its MLS, which does not account for all newly constructed homes sold by local builders or homes for sale by owners. Other highlights include:

The total value of local real estate transactions tracked through the MLS during October was more than $1.1 billion for homes and nearly $171 million for condos, high-rise condos and town homes. Compared to one year earlier, total sales values in October were up 21.7 percent for homes and up 18.8 percent for condos and town homes.

In October, 79.8 percent of all existing local homes and 80 percent of all existing local condos and town homes sold within 60 days. That compares to one year earlier, when 84.5 percent of all homes and 85.4 percent of all condos and town homes sold within 60 days.

Las Vegas Realtors (formerly known as Greater Las Vegas Association of Realtors) was founded in 1947 and provides its nearly 16,000 local members with education, training and political representation. The local representative of the National Association of Realtors, LVR is the largest professional organization in Southern Nevada. For more information, visit LasVegasRealtor.com.