Las Vegas single-family real estate prices have continued on the upward tear they’ve been on since the middle of the pandemic.
According to Las Vegas Realtors, housing prices matched an all-time record from November and December of 2020. The median sales price in February this year was $355,000. That’s up 12.3% from the same month last year, when housing prices averaged $316,000.
Townhouses and condos are doing even better. They’re up 12.9% in median sales price from February of last year. Then, the median sales price was $175,000. In February, that was $197,500.
Aldo Martinez, a local Realtor and 2021 president of Las Vegas Realtors, said it’s a good thing that Vegas is performing better than what was expected as the pandemic began.
“Still, we’re looking forward to getting through this, to stabilizing the economy and increasing consumer confidence so people feel more comfortable buying and selling homes and moving when the need arises,” he said.
It in what should be considered good news,bparticularly for Las Vegas’ history of housing prices, is that distress sales are near . historic lows. That includes foreclosures and those aiming towards foreclosures, Those, and short sales, we’re just .06 percent of all the properties that sold last month, In February 2020 ,that number was 2.5%, and four years ago, it was at 10.6% of all sales. Of course, all that is well below what distress property sales accounted for during the housing downturn, when Las Vegas was the poster child for cities with foreclosures.
Another feature is that there are so few houses even up for sale.
According to the Las Vegas Realtors, there’s only a one month supply of houses for sale. A normal market has six month supply.
What that means with few houses for sale is that there are more buyers chasing sellers, and the low supply means there ss high demand, that many houses for sale are going for more than asking, getting multiple offers ,and moving very quickly.