Las vegas prices soar over 20 per cent

Photo credit: Moyan Brenn

The data from the Greater Las Vegas Association of Realtors shows that prices continue to climb in the area, while the number of homes on the market is also on the up.
 
The median price of existing single-family homes sold in Southern Nevada during March was $195,000, up 2.6 per cent from February and a staggering 21.1 per cent  from March 2014. Condo prices climbed by an even higher 26 per cent year-on-year.
 
While some might be afraid of a bubble, though, even with these recent increases, local home prices are still well below their June 2006 peak of $315,000. Existing local home prices bottomed out at a median price of $118,000 in January 2012 before rising for a record 19 straight months until September 2013 and rising more gradually since then.
 
“One of the trends we noticed this month is the increase in our inventory. That helps people looking to buy a home. After dealing with such a tight housing supply last year, we now have more than twice as many homes without pending or contingent offers on them than we did a year ago,” said GLVAR President Heidi Kasama. “We also sold more homes in March than in February, even though our sales pace so far this year is about 15 percent behind last year.”