Housing Stats Feb/2023

LVR Article: Housing statistics for February 2023

LAS VEGAS – Local home prices leveled off last month, with more homes available for
sale and fewer changing hands than one year ago. So says a report released Tuesday by Las
Vegas REALTORS® (LVR).

LVR reported that the median price of existing single-family homes sold in Southern
Nevada through its Multiple Listing Service (MLS) during February was $424,995. That’s nearly
identical to the previous month, but down 5.6% from $450,000 in February of 2022. It’s also
down from the all-time record price of $482,000 in May of 2022.

The median price of local condos and townhomes sold in February was $255,000, the
same as it was in January. That’s down 1.9% from $260,000 in February of 2022, and down
from the all-time record price of $285,000 in May.

“The local housing market is much more balanced now than it has been in recent years,”
said 2023 LVR President Lee Barrett, a longtime local REALTOR®. “Instead of sellers having
the advantage, buyers are now in a better position, since prices have stabilized and we have more
homes on the market. We’ve now seen two straight months of stable home prices. It was also
encouraging to see sales increase from January to February, while new listings continue to
decline. Even with mortgage interest rates reaching 7% recently, this shows a strong underlying
interest in owning a home here in Southern Nevada.”

By the end of February, LVR reported 4,665 single-family homes listed for sale without
any sort of offer. That’s up 167.9% from the same time last year. Likewise, the 1,155 condos and
townhomes listed without offers in February represent a 265.5% jump from one year earlier.

As for sales, LVR reported a total of 2,172 existing local homes, condos and townhomes
sold in February. Compared to February 2022, sales were down 31.5% for homes and down
32.7% for condos and townhomes.

The sales pace in February equates to nearly a three-month supply of properties available
for sale. Last year at this time, Southern Nevada was facing a housing shortage and had less than
a one-month supply.

A year ago, Southern Nevada was coming off a record year for existing home sales, with
50,010 homes, condos, townhomes and other residential properties selling during 2021. That was
the first time LVR reported more than 50,000 local properties selling in a year. It topped the
previous record set in 2011 by nearly 2,000 sales. By comparison, LVR reported 35,584 total
sales during 2022.

During February, LVR found that 27.1% of all local property sales were purchased with
cash. That’s nearly identical to the previous month and down from 30% one year ago. It’s also
well below the March 2013 cash buyer peak of 59.5%.

The number of so-called distressed sales remains near historically low levels. LVR
reported that short sales and foreclosures combined accounted for 1.2% of all existing local
property sales in February. That compares to 0.4% of all sales one year ago, 0.6% two years ago,
2.5% three years ago, 2.6% four years ago and 3.8% five years ago.

These LVR statistics include activity through the end of February 2023. LVR distributes
statistics each month based on data collected through its MLS, which does not account for all
newly constructed homes sold by local builders or homes for sale by owners. Other highlights
include:

• The total value of local real estate transactions tracked through the MLS during
February was more than $852 million for homes and more than $121 million for
condos, high-rise condos and townhomes. Compared to one year ago, total sales
values in February were down 36.5% for homes and down 36.2% for condos and
townhomes.

• In February, 61.0% of all existing local homes and 68.9% of all existing local
condos and townhomes sold within 60 days. That’s down from one year earlier,
when 88.6% of all existing local homes and 93.3% of all existing local condos
and townhomes sold within 60 days