Prices and listings for condos and townhomes proceed to driblet successful Southern Nevada, according to a caller report.
Only 951 condos oregon townhomes were listed for merchantability successful May successful Southern Nevada, a 7.4 percent driblet from April and a 13.8 percent driblet twelvemonth implicit year, according to information from commercialized relation Las Vegas Realtors, which pulls statistic from the Multiple Listing Service.
The median terms of a condo oregon townhome sold successful Southern Nevada past period was $295,000, up 1.7 percent from April but down 3.9 percent from May of past year, according to Las Vegas Realtors. The grounds precocious for condo and townhome prices is $315,000, which was acceptable backmost successful October 2024.
The fig of condo and townhome units sold successful May was 509, a 4.5 percent driblet from April, and a 8.9 percent driblet twelvemonth implicit year, according to Las Vegas Realtors.
Single-family location prices successful Southern Nevada stay elevated successful May sitting astatine $490,000, a caller grounds high, according to Las Vegas Realtors. The erstwhile grounds was $488,995.
Median location merchantability prices for houses successful Southern Nevada alteration arsenic Redfin has the median merchantability terms for a location successful Clark County presently astatine $438,774, and Zillow has the median merchantability terms for a location successful the Las Vegas Valley astatine $426,069. Both Zillow and Redfin person location prices dropping twelvemonth implicit year.
“Although single-family location prices deed a caller high-water people successful May, section location prices person inactive been beauteous unchangeable this year,” said Las Vegas Realtors President George Kypreos. “And adjacent though the fig of homes being sold has been reasonably flat, we’re assured the request for homes present successful Southern Nevada remains strong.”
Homes successful Southern Nevada are sitting connected the marketplace longer, yet prices person remained comparatively stable, creating a standoff betwixt buyers and sellers successful Las Vegas and crossed the country. Many homeowners are reluctant to merchantability — oregon little their asking prices — due to the fact that they secured historically debased owe rates during the pandemic and would look importantly higher borrowing costs if they purchased different location today.
At the extremity of May, LVR said determination were 6,784 single-family homes listed for merchantability without immoderate benignant of offer, a 2.1 percent summation from 1 twelvemonth earlier. There were 2,639 condos and townhomes listed without offers successful May, a 5.1 percent summation from 1 twelvemonth earlier.
Contact Patrick Blennerhassett astatine pblennerhassett@reviewjournal.com.
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