Valley home prices hit new record

Favorable conditions overcoming pandemic obstacles
A "sold" sign signifying an agreement to buy a home
A home is sold Photo credit Feverpitched/Getty Images

Las Vegas, NV (KXNT) - A report released Monday by Las Vegas REALTORS® (LVR) shows local home prices hitting a new record high while sales are increasing and the housing supply keeps shrinking.

LVR (formerly known as the Greater Las Vegas Association of REALTORS®) reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during February was $355,000. That breaks the all-time record set in November and tied in December 2020 and again in January 2021. February’s median home price is up 12.3% from $316,000 during the same month last year.

Local condos and townhomes also posted double-digit gains compared to one year ago, selling for a median price of $197,500 in February. That’s up 12.9% from $175,000 in February of 2020.

“As we’ve been saying for months, our housing market continues to perform better than most people expected when this pandemic started,” said 2021 LVR President Aldo Martinez. “Still, we’re looking forward to getting through this, to stabilizing the economy and increasing consumer confidence so people feel more comfortable buying and selling homes and moving when the need arises.”

Martinez, a longtime local REALTOR® who became LVR president on Jan. 1, said the number of local homes available for sale remains well below the six-month supply considered to be a balanced market. In fact, he said the sales pace in February equates to less than a one-month supply of existing homes available for sale. While this creates challenges for potential buyers, he said it also “presents a rare opportunity for home sellers, who have never seen a better time to sell their home for top dollar.”

Despite the coronavirus crisis and economic downturn, the number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for just 0.6% of all existing local property sales in February. That compares to 2.5% of all sales one year ago, 2.6% two years ago, 3.8% three years ago and 10.6% four years ago.