This February 2016 photo shows a house for sale in the Las Vegas Valley.
Thursday, April 6, 2023 | 5 a.m.
Las Vegas housing market
The median sale price of homes in Southern Nevada last month was $425,000 for single-family homes and $260,000 for condos and townhomes, as the local housing market in 2023 remains “remarkably stable,” according to a Thursday release from Las Vegas Realtors.
The median sale price of local single-family homes in March was nearly identical to February and down almost 8% from March 2022, while the median sale price of condos and townhomes was up 2% from February and down nearly 4% from the same time last year, the release said.
“Southern Nevada was one of the first places to experience this recent shift in the housing market,” Lee Barrett, Las Vegas Realtors president, said in a statement. “It seems logical to me that we may also be among the first to come out of this recent slowdown.
“Our median home price hasn’t changed since December. Local home prices had previously been declining by 1 or 2% per month. This may be a sign that we’re near the bottom of this cycle,” he stated.
A total of 2,962 existing homes, condos and townhomes were sold locally in March, down from the same time in 2022, the release said. By the end of the month, over 4,000 listed single-family homes had no offers, and more than 1,000 condos and townhomes were also without offers — a 109.3% and 179.9% jump from last year, respectively.
The sales pace in March increased from February, for less than a two-month supply of properties available for sale, the release said. Comparably, Southern Nevada was facing a housing shortage this time last year and had less than a one-month supply.
Distressed sales, including short sales and foreclosures, remained at historically low levels in March and accounted for less than 1% of all existing property sales, the release said.
The total value of local real estate transactions in March was over $1.2 billion for homes and over $171 million for condos, high-rise condos and townhomes, the release said. Total sales values were down about 33% for homes and 35% for condos and townhomes compared to the same time last year.
The number of existing homes, condos and townhomes that sold locally within 60 days in March was also down compared to March 2022, the release said.
Nevertheless, Barrett said in the release that the latest statistics show “strong underlying interest and demand for owning a home here in Southern Nevada."
