The real estate market in Las Vegas has been a bit of a roller coaster ride so far this year. The months of January and February were flat from the end of the previous year, followed by a three percent increase in the median sales price in March. Then in April, the median price lost half of its gain from the previous month, dropping 1.5 percent. That brings the current median price of a home in the Vegas Valley to $192,000.
"We're not surprised to see home prices starting to level off a bit, "said president of the Greater Las Vegas Association of Realtors Heidi Kasama. "The Las Vegas area has been among the national leaders in home price appreciation for the past two years. Prices have to balance out eventually."
To date, home prices in 2014 are about 15 percent behind last year's pace. The market bottomed out in January 2012. The median sales price at that time was $112,000. Prices increased for 19 consecutive months after that until September 2013. Since then, prices have fluctuated up and down slightly.
In spite of the price fluctuation, homes are still selling rapidly. In fact, the pace is picking up. In April, 67.1 percent of existing homes and 63.9 percent of townhomes and condos sold within 60 days. That's up by about five percent from the previous month.
Of the April home sales, 12.4 percent were short sales and 11.4 percent were bank-owned. Both those figures are a decrease from the previous month as traditional sales continue to climb in Las Vegas.