LAS VEGAS (KTNV) — Home sales in the Las Vegas Valley are up.
According to the latest report from the Las Vegas Realtors trade group, the number of homes sold in Southern Nevada jumped over 37% last month when compared to February's figure.
The median price for a home in the valley in March was $425,000, according to the group, which represents nearly 17,000 realtors in the area.
That figure is down about 8% from March 2022.
The record for median home price in Southern Nevada was $482,000, which was set in March of last year.
Lee Barrett, president of Las Vegas Realtors and a longtime local sales agent, noted that the median price in the valley hasn't changed since December.
"Local home prices had been declining by 1% or 2% per month," Barrett said. "This may be a sign that we're near the bottom of this cycle."
The median price of local condos and townhomes sold last month was $260,000, which was down about 4% from March 2022.
Merri Perry, another longtime realtor in Las Vegas, said she thinks it's a good time to buy.
"Even though interest rates are still high, there's better deals out there now for buyers," Perry said. "A year ago, if you put an offer in on a home, there was multiple offers."
The number of single-family homes on the market in Southern Nevada without any type of offer was just under 4,200 last month. That was up 109% from March 2022.
"Now, you can negotiate," Perry said. "There's not 50 offers on every home and sellers are still making money."
