LAS VEGAS (FOX5) – The average price of Las Vegas homes rose in 2015, wrapping up the most stable year the local housing market has seen in at least a decade.
According to the Greater Las Vegas Association of Realtors, local home prices increased 6.4 percent in 2015.
The median price of existing single-family homes sold during December in Southern Nevada, through its Multiple Listing Service, was $217,000, up 6.4 percent from one year ago, GLVAR reported.
GLVAR said the median price of local condominiums and townhomes, sold in December was $117,900, which is up 12.3 percent from last year.
“I think 2105 will be remembered as the year the local housing market stabilized after the roller-coaster ride we had been on during the past decade or so,” said 2016 GLVAR President Scott Beaudry.
In 2015, GLVAR reported a combined total of 38,578 single-family homes, condominiums, townhomes and high-rise condo sales. That is up from 35,806 total sales in 2014.
GLVAR has been reporting fewer distressed sales and more traditional home sales, in recent years, and that continued in December, when 6.8 percent of all December sales were short sales, down from 10 percent in 2014. Another 6.9 percent of all December sales were bank-owned, down 8 percent from 2014.
According to GLVAR, the median price of single-family homes sold as part of a short sale in December was $180,000, up from $167,000 one year ago. The median price of bank-owned homes sold in December was $166,000, compared to $155,500 one year ago.
28.4 percent of all local properties sold in December were purchased with cash, indicating that cash buyers and investors are still more active in Southern Nevada than in most markets, GLVAR reported.
GLVAR said the monthly value of local real estate transactions tracked through the MLS during December was nearly $688 million for homes and more than $99 million for condos, high-rise condos, and townhomes. Total sales volume in December were up 25.4 percent for homes, but down 0.7 percent for condos and townhomes.
In December, 64.6 percent of all existing local homes and 61.5 percent of all existing local condos and townhomes sold within 60 days, GLVAR reported. That compares to one year ago, when 62.8 percent of homes and 57.4 percent of condos and townhomes sold within 60 days
Written by Brenda Yahm