Las Vegas Valley home prices are continuing to show signs of stability early in 2015. The median price for a single family home in February reached $205,000. This is up 2.5% from January and up 7.9% from 2014.
Median prices rose about 10% in all of 2014 which was less than half of the 24% increase we saw in 2012 – 2013.
At the end of February there were 7,313 single family homes without offers on them. This figure is up 15.8% from a year ago. Much of this is due to some sellers trying to test the market with higher list prices. The median list price on a single family home was $225,000. This is up 15.5% from a year ago.
As some sellers have seen prices rise over the past couple of years they feel that they are able to get more than their homes are currently worth. This can hurt the market as sellers need to be educated so that they are listing their homes at more realistic prices so that they are able to be sold.
Distressed properties continue to decrease as well. In February of this year, 9.3% of closings were short sales. That is down 14% from last year. Foreclosures made up 9.7% this year compared with 12% last year.
Cash sales were 37.4% this past month which is down from 46.8% last year and well below the 59.5% peak from 2 years ago.
At our current pace, the Las Vegas Valley has a 4 month supply of homes on the market. This indicates a slight lean towards a seller’s market as a 6 month supply is considered a balanced market.