Housing prices in Las Vegas increased by 13% over the year

According to the Las Vegas Association of Realtors (GLVAR), local housing prices continue to grow rapidly, while sales stabilized in September 2017.

GLVAR reported that the average cost of existing single-family homes sold during September through the Multiple Listing Service (MLS) was $ 265,000, which is 13.5% more than in the same period of 2016. The average price for local apartments and townhouses is $ 140,000, which is 21.7% higher than last year, according to World Property Journal .

GLVAR president David J. Tina said that the cost of residential real estate has remained stable over the past few years with an annual increase of about 10%. The expert believes that the reason for this recovery is high demand, improved economic conditions and the labor market, low mortgage rates.

Regarding prospects, Tina said that growing demand and supply reduction remain major problems for buyers. Especially when searching for housing in a relatively low price category.

By the end of September, GLVAR reported 4,969 single-family homes that still remain on the market. This is 33.1% less than a year ago. For condominiums and townhouses, this figure is 680 objects, which is 41.4% less than at the end of September 2016.

The total number of houses and villas sold in September amounted to 3,571 units compared to 3,541 in September 2016, a decrease of 0.4%. But for apartments and townhouses, the rate increased by 7%.

According to GLVAR, total sales in 2017 still exceed 2016, when 41,720 properties were purchased in Southern Nevada. For this indicator, 2017 is the best year for sales in the local market since 2012.

The total value of local real estate transactions tracked through the MLS in September 2017 amounted to about $ 901 million for homes and almost $ 103 million for apartments and townhouses, with growth of 15.2% and 34.4%, respectively, compared to last year.