Welcome to the April 2022 issue of our monthly market update for Southern Nevada. In this issue we will be going over March 2022 numbers.
Las Vegas’ housing market boom sees no end in sight as prices bloom!
There were 3,272 single-family houses that sold in March, up 30.2% from February, but down 12.2% from March 2021.
The Median home price in Southern Nevada sets another record high in March.
With that being said, the median sales price of previously owned single-family homes, went from $450,000 in February to $460,000 in March; which is up 2.2% from February and up 26.7% from the prior year, which is actually up $97,000 from March 2021.
The median sales price of condos and townhomes also set another record high last month it went from $260,000 in February to $270,000 March; which is up 3.8% from February and up 39.2% from the prior year.
Both median sales price for single-family houses and condos/townhomes had a $10,000 price increase from the prior month.
Last month the Luxury Market was on FIRE!! There were 173 homes that sold for $1 million and over, compared to February’s 114 homes, a 59 home increase.
The median sales price in the Luxury Market for March increased slightly to $1,360,000 and in February that number was $1,312,500. A $47,500 decrease in the median sales price.
So, for March we had a total of 3,526 new listings, which was up 19.5% from February, but down 1.1% from the prior year.
There were also a total number of 2,005 single-family houses listed without offers at the end of March, last month that number was 1,741; which is up 15.2% from February and up 13.1% from the prior year.
Which brings us to the housing supply in Southern Nevada, we decreased to .6 months of inventory, which is down 11.5% from February, but up 28.8% from the prior year.
82.8% of the closings for the month March was on the market 30 days or less, in February this number was at 76.8% and in March 2021, 74% of the homes were on the market 30 days or less.
Also, if you are thinking about buying or selling in the Las Vegas Valley, CLICK HERE or you can call me at 702-370-5112.
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