The Las Vegas housing market made it out of the traditionally slow winter months with steadily rising home prices, and appear slated for a solid upcoming season, according to the Greater Association of Realtors.
The median home price of single-family homes sold in Southern Nevada during February was $220,350, which is up 7.5 percent from one year ago, GLVAR reported.
GLVAR found the median price of condominiums, and townhomes sold in February was $121,500, which is up 15.7 percent from one year ago.
“Our home prices and home sales tend to warm up with the weather, so I think we’re well-positioned to have a solid spring and summer. Unless something dramatic happens, I expect our recent trends of steadily rising prices and sales to continue this year,” said 2016 GLVAR President Scott Beaudry.
Beaudry said the local housing market is still dealing with a low housing supply, and one of the nation’s highest percentages of underwater homeowners owing more on their mortgages than the homes are currently worth.
In February, the total number of existing homes, condominiums, and townhomes sold in February was 2,676, which is up from 2, 452 in February 2015.
For 2015, GLVAR reported a total of 38,578 single-family home, condominium, townhome, and high-rise sales, which was more than in 2014.
The total number of single-family homes listed for sale on GLVAR’s MLS in February was 12,994, down 1.5 percent from a year ago. The total number of condominiums, townhomes, and high-rise condos for sale was 3,481, down 2.2 percent from a year ago.
GLVAR reported by the end of February, 7,328 homes were listed without any offer, an increase of 0.2 percent from last year. There were 2, 267 condos and townhomes listed without offers, a 6.5 percent decrease from last year.
GLVAR reported annual declines in distressed sales, and increased numbers of traditional home sales.
Short sales may continue to play a role in the local housing market in 2016 since congress voted in late December to again extend the Mortgage Forgiveness Debt Relief Act of 2007, Beaudry said.
GLVAR distributes statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or for sale by owners
CALL MIKE TYSON YOUR NEIGHBOR BY BUYING HIS FORMER HOME IN HENDERSON
Iron Mike has some flashy new digs.
Former boxing champ Mike Tyson recently bought a two-story, 8,149-square-foot mansion in the Seven Hills area of Henderson for $2.5 million, just down the block from his old house.
The sales price was 40 percent below what previous buyers paid in 2006, during the real estate bubble.
Tyson and his wife, Lakiha, closed their purchase Dec. 28, county records show.
MIKE TYSON’S HOME IN SEVEN HILLS
Launch slideshow »
The six-bedroom home at 1258 Imperia Drive is in a guard-gated community and boasts an outdoor fireplace, lush landscaping, marble flooring and a grand entry. The property also has two detached casitas.
The seller, M. Tina Meyer, was a flipper: She bought the 0.76-acre spread last March for $2.3 million, county records say.
Brokerage firm Luxury Homes of Las Vegas, which represented the Tysons and Meyer in their transaction, has listed Tyson’s old house — 1294 Imperia Drive — for $1.5 million, according to a news release from the company.
MIKE TYSON MEETS MIKE TYSON
Launch slideshow »
Even if it sells at that price, Tyson would book a loss: He bought the home in early 2008 from former NBA player Jalen Rose for $1.75 million, county records show.
The house has been “smartly updated” for resale, said the news release, which noted the 49-year-old Tyson “is climbing back to financial success with (animated TV series) ‘Mike Tyson Mysteries,’ celebrity appearances, endorsements and a renewed business savvy.”
“The lucky buyer will not only be able to live in Mike Tyson’s old home, they will also be his new neighbor!” broker Ken Lowman, owner of Luxury Homes of Las Vegas, said in the announcement.
MIKE TYSON BITCOIN ATM
Launch slideshow »
Tyson’s life has been volatile, to say the least, marked by athletic success but also prison time, drugs and steep financial problems.
In 1986, at just 20 years old, he became the youngest heavyweight boxing champion of the world. But he spent three years in prison in the 1990s after he was convicted of raping 18-year-old beauty-pageant contestant Desiree Washington, and he famously bit off a chunk of Evander Holyfield’s right ear during a 1997 title bout at the MGM Grand Garden Arena in Las Vegas.
Like many celebrities, Tyson has lived a lavish lifestyle, with mansions, jewelry, cars and Siberian tigers. But he filed for bankruptcy in 2003, claiming $23 million in debts, despite having earned about $400 million the prior 20 years, according to The New York Times.
Tyson also made a cameo, playing himself, in the 2009 hit movie “The Hangover.” The main characters break into his house and steal a tiger, but after Tyson confronts them in their hotel room at Caesars Palace, they drive it back.
Lowman could not immediately confirm if any scenes were filmed at his actual house in Henderson.
Tyson, meanwhile, has acknowledged being high on cocaine while filming scenes for the movie and that he agreed to be in the film to fund his drug habit, according to media reports.
By Eli Segall