Yet local area home prices still climbing in Q1
According to Las Vegas real estate companies, local real estate prices continued to rise as in April 2022, home sales began to fall.
Las Vegas real estate reports that the average price of single-family homes sold through the Multiple Listing Service (MLS) in southern Nevada was $ 475,000 in April. That breaks last year’s record. The average home price rose 26.7% from $ 375 a year ago. The average price of local condos and townhouses sold in April rose to $ 275. It also breaks the record for the period set last month, rising 35.8% from $ 240 in April to $ 240.
According to LVR CEO Brandon Roberts, property prices have doubled or fallen since January 2012, when the average household price per family in southern Nevada was 118,000.
“With housing prices rising in recent months and fewer homes being sold, it’s no surprise that we’re selling fewer homes,” Roberts said. “While local house prices continue to rise, we expect confidence to begin to decline at some point as these trends continue. In particular, we had more properties than last month and last year.”
By the end of April, according to Las Vegas real estate, 2,441 detached houses were registered for sale without an offer. This is 33.6% more than in the corresponding period last year. As a result, 508 dwellings were vacant in April and 2.1% fewer townhouses were registered than last year.
LVR reported that a total of 3,777 existing local homes, apartments, and cities were sold in April. Compared to the previous year, sales of dwellings decreased by 14.9% and sales of dwellings and terraced houses by 24.2%.
The April sales period corresponds to less than a month of delivery for the sale of existing buildings, despite the increase in numbers. According to Roberts, the availability of housing is usually not low, if at all.
This year, property sales have fallen sharply compared to 2021. According to LVR, there was a record of real estate sales in Southern Nevada in 2021 – 50,010 homes, apartments, terraced houses, and other residential buildings. This was the first time the consortium reported more than 50,000 manual exchanges per year and nearly 2,000 sales in addition to the previous 2011 record. By comparison, LVR reports 45,400,000 sales in 2020.
In April, LVR found that 32.0% of local construction sales were purchased in cash. It rose from 27.9 percent a year ago. Although this percentage has risen this year, it is still below the highest level of consumers in March 2013, at 59.5%.
Due to the restrictions on evictions and detentions during the epidemic, the number of so-called trafficking cases remains low. LVR reports short sales and combined foreclosures accounting for 0.5% of all available property sales in April. It represents 0.9% of the total turnover for the previous year, 1.5% of the total turnover for the last two years, 3.0% of the total turnover for the last three years, 2.5% four years ago, and 8.4% five years ago.
The number of LVRs will cover events until the end of April 2022. LVR distributes statistics on a monthly basis based on data collected through the MLS, which does not include all new homes sold by builders or sold by owners.
Other market highlights include:
- The average real estate transaction made by MLS in April was approximately $ 1.8 billion for homes and nearly $ 211 million for homes, apartment buildings, and cities. Compared to the previous year, sales to dwellings increased by 5.1% in April and to dwellings and cities by 1.9%.
- Houses will be sold faster this year than in previous years. In April, 94.0% of all existing dwellings and 96.1% of all existing dwellings and terraced houses were sold within 60 days. This is comparable to a year ago when 89.2% of all existing local housing and 86.3% of all existing local housing and cities were sold in 60 days.