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Las Vegas Housing Market Stabilizing

Home prices in Las Vegas started the year right where they left off at the end of 2013. At the end of last year, the median sales price for an existing home was $185,000 which was unchanged in January of this year. The median sales price of condos and townhomes in January came in at $92,500. Those prices are up 23.3% overall from 12 months prior.

GLVAR President Heidi Kasama says January is typically a slow month for sales in Las Vegas, so she was not surprised to see no change from December. She says home prices are now stabilizing after a two year run of appreciation and sees the stabilization as an indication of a healthy market. Home prices bottomed out in January 2012 at a median price of $118,000.

Distressed properties continue to account for a much smaller portion of home sales. In January, short sales were at 17 percent of sales, down from 20.7 percent in December. Meanwhile, bank-owned sales crept up 2.5 percent to 11 percent in January.

Traditional sales continue to gain momentum in the market. In 2013, 62 percent of sales were traditional sales. Back in 2012, only 37 percent of the 44.902 sales that year were traditional.