Sin City sees high-rolling home prices again

Strong demand and tight supply has one of the nation’s hardest hit housing markets of the recession getting back on its feet again. Las Vegas home sales surged 14 percent in September from a year ago, according to the Greater Las Vegas Association of Realtors (GLVAR).

“At this point, we’re well ahead of last year’s sales pace, which is good news for local homeowners and the housing market,” said 2015 GLVAR President Keith Lynam, a Las Vegas real estate agent. “It remains a fairly balanced real estate market, which is solid news for both buyers and sellers.”

A time exposure of traffic along the Las Vegas Strip is viewed from Caesars Palace on May 19, 2015.

A time exposure of traffic along the Las Vegas Strip is viewed from Caesars Palace on May 19, 2015.

The median price of a home sold in September was $220,000, up 8.6 percent from one year ago, according to GLVAR. Condominium prices were up about 5 percent.

As with much of the nation, the inventory of homes for sale is down from a year ago, and the same is true in Las Vegas with September supply 3 percent lower than a year ago. Homebuilders are starting to ramp up again in the area, and with solid demand returning and distressed homes leaving the market, supply should increase in the coming months.

“Demand is still outpacing inventory in housing that’s listed for sale under $300,000, but when you get above that mark that’s where we’re seeing the softening in demand,” said Cynthia Silver, a real estate agent with Century 21 Martinez and Associates.

Pending sales were lower in August, but Silver says that is normal for the season. She is concerned some sellers are being unrealistic in their pricing. The Las Vegas housing market is improving, but it is still has a ways to go.

“As long as the seller lists for current market value, the days on market are still very reasonable,” added Silver.

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