LAS VEGAS (KLAS) — Prices of condos and townhomes increased by $10,000 in April, outpacing home prices in Las Vegas, which went up by $5,000 compared to March prices.
It was the first time prices for both single-family homes and condos/townhomes increased significantly in the same month since the peak of the market in May 2022, according to figures released Tuesday by Las Vegas Realtors (LVR).
The median home price in Las Vegas increased from $425,000 in March to $430,000 in April, with condos/townhomes jumping from $260,000 to $270,000.
“With local home and condo prices rising slightly from the previous month, this may be another indication that we are either at or maybe even past the bottom of this cycle,” LVR President Lee Barrett said. “Until April, local home prices hadn’t really changed since December. It had been more than four years since local home prices stayed flat for that long.”
Home sales are on pace below 2022 levels, when LVR reported 35,584 total sales. That followed a record year for existing local home sales in 2021, when LVR reported 50,010 homes, condos, townhomes and other residential properties were sold.
The information provided by LVR does not take into account prices for newly constructed homes or homes sold outside of MLS (the Multiple Listing Service). The median price is the one in the middle — half are higher and half are lower.
By percentage, home sales increased 1.2% while condos/townhomes increased 3.8%. Both are still significantly lower than last year, when prices neared an all-time high. In May of 2022, existing homes peaked at $482,000. Condos/townhomes were at $285,000.
Last year at this time, very few houses were even available, one of the factors driving prices higher.
By the end of April, LVR reported 3,737 single-family homes listed for sale without any sort of offer — up 53.1% from the same time last year. Likewise, the 964 condos and townhomes listed without offers in April represent an 89.8% jump from one year earlier.
Meanwhile, fewer homes are changing hands, with 2,497 existing homes, condos and townhomes sold in April. Compared to April 2022, sales were down 34.6% for homes and down 31.1% for condos and townhomes.
During April, 22.3% of all Las Vegas area property sales were purchased with cash, down from 32.0% one year ago. It’s also well below the April 2013 cash buyer peak of 59.5% set a decade ago.