Las Vegas real estate prices rose to another all-time high last month as sales plummeted.
The average sales price of previously owned single-family homes – most of the market – hit a record $ 410,000 in October, up 0.9 percent from the previous all-time high in September and 20.5 percent from October last year corresponds to a new report by the Las Vegas Realtors trade association.
Buyers bought 3,077 homes last month, 4.1 percent fewer than in September and 4.6 percent compared to October 2020.
The stock of available homes in southern Nevada also shrank, with 3,287 single-family homes with no offers on the market at the end of October, 5.1 percent fewer than in September and 27 percent year-on-year, the association reported.
Meanwhile, the average condominium and townhouse sales price last month hit a record high of $ 236,000, up 2.6 percent from September and 26.5 percent year over year, according to LVR.
The association reports data from its reselling listing service.
Despite the large job losses caused by the coronavirus pandemic, the housing market in southern Nevada has accelerated this year with rapid sales and record prices, largely thanks to the lowest mortgage rates that have allowed buyers to stretch their budgets.
Las Vegas has also seen an above-average number of buyers outside of the state, including from more expensive markets, as people sought more space amid widespread home working arrangements during the pandemic, real estate professionals say.
House seekers have showered properties with bids this year and routinely paid above asking price, while home builders have put buyers on waiting lists, regularly raised prices and, in some cases, drawn names to determine who can buy an apartment.
All in all, over the past year it has become more expensive to buy a house, more difficult to get an apartment, and some say it has become more and more priceless.
Homes are still selling fast in what is usually a slower time for the market, although real estate is not trading as fast as it was earlier this year.
Of the single-family homes traded last month, 79.9 percent had been on the market for 30 days or less, up from 89.1 percent of home sales in July, LVR data shows.
The association’s president, Aldo Martinez, told the Review Journal that the market is “not seeing anything extraordinary” this time of year, noting that prices are still rising, but not as much as in previous months.
Homes are still getting multiple offers and selling quickly, but given the record breaking property values in Las Vegas and local incomes, buyers here are being “maxed out,” he said.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.
