There seems to be no stopping the soaring existing home prices in the Las Vegas area.
The median sale price for a home in Las Vegas rocketed to $382,000 in March, another new all-time record, according to the Las Vegas Realtors trade group.
The figure represented a 14% jump from March 2020 and a month-over-month increase of 2% from February’s median price of $382,000.
“At the rate we’re going, we could see even greater gains in home prices and sales next month, since the housing market stalled briefly before roaring back.
The median price for a condo or townhome in Las Vegas was $194,000 at the end of last month, up 5% from March 2020.
The tight housing supply in the area continues to present a challenge for potential buyers and a “rare opportunity for sellers.”
The Las Vegas market had less than a one-month supply of preowned homes at the end of March, virtually unchanged from February.
A six-month supply is generally considered by industry experts to be a balanced market.
At the end of last month, the LRV reported that 1,772 homes were listed without any offer, down 69% from March 2020.
“The pandemic has contributed to the supply shortage due in part to homeowners being out of work and therefore unable to upgrade even if they wanted to unless they could pay cash,”
“In addition, reports for the National Association of Realtors show homeowners are staying longer in their homes.”
Research from the National Association of Realtors has shown that homeowners are staying in their residences two to four years longer than in the recent past, which, he said, could be partly attributed to lower-than-normal interest rates.
The Las Vegas housing market bottomed out in 2012 after the Great Recession, when the median price of an existing home dipped to $118,000.
At that time, the Las Vegas housing market was one of the most depressed in the United States.
The housing market has been on fire this year with record-low mortgage rates and a sudden wave of relocations made possible by remote work. Meanwhile, home prices have pushed new boundaries as buyer demand continues to surge. As we near the end of 2020, here’s a look at the expectations of real estate experts for 2021.
We expect sales to grow 7 percent and prices to rise another 5.7 percent on top of 2020’s already high levels. While we expect mortgage rates to tick up gradually, sales and price growth will be propelled by still strong demand, a recovering economy, and still low mortgage rates. High buyer demand and still-lagging supply will keep prices growing, but at a slower pace than 2020 as buyers contend with mortgage rate and price increases that create affordability challenges.
While younger Millennial and Gen-Z buyers are expected to play a growing role in the housing market, fast-rising prices will create a bigger barrier to entry for the many first-time buyers in these generations who don’t have existing home equity to tap for down payment savings. Although supply is expected to lag, we do expect the declines to slow and potentially stop by the end of the year as sellers grow more comfortable with the market environment and new construction picks up. Single-family housing starts are expected to grow another 9 percent in 2021. On the whole, the market will remain seller-friendly, but buyers will still have relatively low mortgage rates and an eventually improving selection of homes for sale.
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