Homes for sale are shown in the Villas at Black Mountain development near Horizon Ridge Parkway and Gibson Road in Henderson Wednesday, June 1, 2011.
Wednesday, Sept. 6, 2023 | 5 a.m.
The median sales price of local condos and townhomes reached an all-time high of $287,000 in August, while single-family homes around the valley remained relatively stable at $447,435, according to a Wednesday release from Las Vegas Realtors.
The median price of homes sold last month was down more than 0.5% from August 2022, the release said. The median price of condos and townhomes sold was up over 8% from the same time last year, toppling the previous high of $285,000 in May 2022.
“Homes prices haven’t changed much lately,” Lee Barrett, Las Vegas Realtors president, said in a statement. “As for the record price for condos and townhomes, I attribute that to the demand for lower-priced housing options exceeding our supply. Mortgage rates are obviously a factor. But as we’ve been saying all year, the biggest challenge we face in the local housing market is a very tight housing supply.”
The number of homes listed in August without any sort of offer was down more than 51% from the same time last year, for a total of 3,881. Condos and townhomes listed without offers were down 46%, for a total 978.
Over 2,600 existing local homes and condos and townhomes sold last month, increasing 0.3% and 4.7%, respectively, from August 2022. Total sales values were up 8.6% for homes and 13.4% for condos and townhomes.
More than 85% of all existing local homes and over 88% of all existing local condos and townhomes sold within 60 days last month, which is down from August of last year, when 92.6% of homes and 93.6% of condos and townhomes sold within the same period.
