The total value of local real estate transactions tracked through the MLS during November was more than $1.6 billion for homes and nearly $219 million for condos, high-rise condos and townhomes.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. These LVR statistics include activity through the end of November 2021. That compares to 0.8% of all sales one year ago, 2.0% of all sales two years ago, 2.6% three years ago and just under 5% four years ago. LVR reported that short sales and foreclosures combined accounted for just 0.6% of all existing local property sales in November. With government-imposed restrictions on evictions and foreclosures this year, the number of so-called distressed sales remains near historically low levels. While that percentage has been increasing lately, it’s still below the March 2013 cash buyer peak of 59.5%. Martinez added that builders have not been able to keep up with population growth and demand in recent years, “adding to our supply issues and leading to higher home prices.”ĭuring November, LVR reported that 30.1% of all local property sales were purchased with cash. Since the pandemic, Martinez said Southern Nevada has more closely followed national trends, with a shortage of homes available for sale, strong demand and historically low mortgage interest rates paving the path to record home prices. The median single-family home price has now increased by more than $300,000 from its low point of $118,000 in January of 2012. It has been nearly a decade since the local housing market hit its post-recession bottom. RELATED: Las Vegas housing prices stabilizing, sets another record in September 2021 In fact, Martinez said 2021 already set an all-time record for sales of local homes priced over $1 million – more than doubling the number of such homes sold during 2020 and tripling the number of million-dollar home sales during 2018. Luxury homes continue to outperform the overall market. As Yun said, “This winter, there will be more sales compared to pre-pandemic winters going all the way back to 2006.” Martinez expects local home sales to remain strong into 2022. Compared to one year ago, November sales were up 7.8% for homes and up 18.7% for condos and townhomes. LVR reported a total of 4,135 existing local homes, condos and townhomes sold in November.

The 495 condos and townhomes listed without offers in November represent a 61.6% decrease from one year ago. That’s down 25.3% from the same time last year. Martinez said the current sales pace equates to less than a one-month supply of properties available for sale.īy the end of November, LVR reported 2,805 single-family homes listed for sale without any sort of offer. The local housing supply remains tight, with homes selling faster than in past years. “If our median home prices continue to go up by double digits in 2022, it’ll be the first time we’ve had three straight years of double-digit price growth in more than a decade. “We’re probably looking at more modest growth for 2022,” Martinez said. LVR President Aldo Martinez, a longtime local realtor agreed with forecasts from experts like Lawrence Yun, chief economist for the National Association of Realtors, who recently said he expects home prices will increase at a “gentler pace” over the next several months as mortgage interest rates rise.

RELATED: What sellers should look out for as investors buy Las Vegas homes That also breaks the all-time record set the previous month and is up 20.2% from $199,700 in November of 2020. The median price of local condos and townhomes sold in November was $240,000. That tops the record high set the previous month by 2.4%. The median home price is up 21.7% from $345,000 one year ago. LVR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during November was $420,000. LAS VEGAS (KTNV) - A report released Tuesday by Las Vegas Realtors suggests the Southern Nevada housing market may be in store for an unseasonably warm winter.

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