Mortgage

Actual property costs within the Las Vegas area unaffected by a pandemic

The latest figures from a brokerage trade organization for southern Nevada show that house prices are strong given the coronavirus pandemic.

In its monthly statistical analysis for June, Las Vegas Realtors reported that the average sale price reported by the organization's multiple listing service for an existing home in southern Nevada had actually reached an all-time high of $ 325,000.

The previous record for an existing home was $ 319,000, which was in March at the beginning of the economic downturn of the corona virus.

"The decline in the real estate market due to COVID-19 has been greatly overvalued," said Tom Blanchard, president of Las Vegas Realtors, in a statement. "The real estate market in Las Vegas is lively and good. Home sales grew 45% from last month. We are also expanding our home inventory. Homes are still scarce, but buyers are willing to do more here To pay home. ""

The average price for June has increased by almost 7% compared to the same month in 2019. For local townhouses and condos, the average price for an existing unit was just over $ 187,000 last month, an increase of more than 5% over June 2019.

According to statistics from Las Vegas Realtors, the average price of a house in southern Nevada in January 2012 was $ 118,000.

A total of 2,464 existing properties were sold in June, a decrease of more than 15% compared to the previous month of 2019.

With 470 units sold, the downward trend was more pronounced for terraced houses and condominiums, a decrease of 35% compared to June 2019.

However, sales for June increased significantly – 45% for apartments and 26% for townhouses and condominiums – compared to the total in May.

According to the report, there is now a two-month supply of available houses on the market. This is clear from the May report and where the market was when the pandemic started.

A six-month home supply is generally viewed as a balanced market.

Las Vegas Realtors, formerly known as the Greater Las Vegas Association of Realtors, was founded in 1947. The group represents a membership base of over 15,000.

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