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LVR reports local home prices springing forward

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LVR reports local home prices springing forward


LAS VEGAS – A report released Tuesday by Las Vegas REALTORS® (LVR) shows local housing prices springing forward in April, with condo and townhome prices reaching a record high.

LVR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during April was $469,000. That’s up 9.1% from $430,000 in April of 2023. However, local home prices are still below the all-time record of $482,000 set in May of 2022.

2024 LVR President Merri Perry
2024 LVR President Merri Perry

The median price of local condos and townhomes sold in April was $290,000, up 7.4% from $270,000 in April 2023. That’s an all-time high, surpassing the $287,000 mark set in August of 2022.

LVR President Merri Perry, a longtime local REALTOR®, said local home prices have remained resilient this year despite recently rising mortgage interest rates. Despite rising rates, she was pleased to see an increasing number of properties being sold last month.

“Mortgage rates have been slowing down home sales this year, so it’s good to see more homes and condos selling,” Perry said. “Overall, demand continues to outpace the supply of homes here in Southern Nevada, and that’s driving up prices.”

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By the end of April, LVR reported 3,476 single-family homes listed for sale without any sort of offer. That’s down 7.0% from one year earlier. Meanwhile, the 1,248 condos and townhomes listed without offers in April represent a 29.5% increase from one year earlier.

LVR reported a total of 2,960 existing local homes, condos and townhomes sold in April. Compared to April 2023, sales were up 19.2% for homes and up 16.1% for condos and townhomes. The sales pace in April equates to less than a two-month housing supply, which is similar to one year ago and considered low by historical standards.

According to LVR, 2023 was the slowest year for existing local home sales since 2008. LVR reported a total of 29,069 sales of existing local homes, condos and townhomes in 2023. That was down from 35,584 total sales in 2022. That followed a record year for existing local home sales in 2021, when LVR reported 50,010 total properties were sold.

During April, LVR found that 26.9% of all local property sales were cash transactions. That’s up from 22.3% one year ago. That’s well below the May 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 April. That compares to 0.8% one year ago, 0.5% two years ago, 0.9% three years ago, 1.5% four years ago and 3.0% of all sales five years ago.

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These LVR statistics include activity through the end of April 2024. 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 April was more than $1.4 billion for homes and more than $193 million for condos, high-rise condos and townhomes. Compared to one year earlier, total sales values in April were up 35.4% for homes and up 28.5% for condos and townhomes.
  • In April, 83.0% of all existing local homes and 84.1% of all existing local condos and townhomes sold within 60 days. That compares to one year earlier, when 71.5% of all local homes and 75.7% of all condos and townhomes sold within 60 days.

About LVR

Las Vegas REALTORS® (formerly known as GLVAR) was founded in 1947 and provides its nearly 17,000 local members with education, training and political representation. The local representative of the National Association of REALTORS®, LVR is the largest professional organization in Southern Nevada. Each member receives the highest level of professional training and must abide by a strict code of ethics. For more information, visit www.LasVegasRealtor.com.



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Nevada

Rockies snowpack season for Colorado River basin off to rocky start

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Rockies snowpack season for Colorado River basin off to rocky start


It’s too early to make sweeping assessments of this year’s snowpack, but some signs point to a remarkably average year in the Rocky Mountains, where snow turns to water and flows down the Colorado River into ever-shrinking reservoirs.

Las Vegas residents make up a portion of the 40 million people who rely on yearly flows from the river to drink, bathe, water crops or lawns, and more. Southern Nevada sources about 90 percent of its water from Lake Mead — part of a fickle river system that’s becoming drier every year and would need several consecutive, above-average years of snow to recover.

“Even if we have a great snowpack year, the trends are that water supply is declining,” said Abby Burk, senior manager of The Audubon Society’s Western Rivers Program, who is based in Colorado. “We are burning through an increasingly shortened timeline by playing a zero-sum game.”

As of Thursday, the entirety of the Upper Colorado River Basin sat at 95 percent of a historical median, according to the U.S. Department of Agriculture’s Natural Resources Conservation Service.

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That’s not necessarily the start to the banner year that Las Vegas’ water managers were hoping for, though high snow numbers don’t always translate to elevated runoff levels, said Bronson Mack, a spokesman for the Southern Nevada Water Authority.

Hydrologists said last year was average, but 2022 and 2023 were widely regarded as stabilizing years for the Colorado River system, bringing Lake Mead up from its all-time low level reached in July 2022.

“The twenty-first century has taught us to not count our water — or snow — before it is in the reservoirs,” Mack said in a statement. “Good snowpack years have been foiled by poor runoff and bad snowpack years have been saved by late-spring storms.”

Rural, Northern Nevada in good shape so far

Snowpack numbers are most promising in the rest of Nevada, where cities like Reno depend on recharge to the Truckee River.

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With the exception of the Spring Mountains in Southern Nevada, all of the state’s basins that fuel rivers other than the Colorado were above 100 percent of the median as of Thursday.

Hints of snow in the Spring Mountains, which melts into runoff for Southern Nevada’s underground aquifers, are just beginning to show, with only 2 percent of the median.

“As you move north, things improve fairly quickly,” said Baker Perry, Nevada’s state climatologist and professor at the University of Nevada, Reno. “Northern Nevada is in pretty good shape from a snowpack standpoint: The numbers are generally well above the median.”

In much of rural Nevada, residents are dependent on groundwater wells rather than municipal water systems. Consistently poor snowpack and dry soil conditions could some day force well users to drill deeper to reach aquifers that become lower with less available water.

Climate change spells bad news

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A plethora of factors may prevent snowmelt from arriving in the Colorado River’s reservoirs.

One of those is soil dryness, said Burk, of The Audubon Society.

“Soil takes the first drink before water arrives in a stream,” she said.

Almost 47 percent of the Colorado River basin was experiencing drought conditions as of Thursday, according to the National Integrated Drought Information System.

That dryness is felt in Las Vegas, as well, with five months in a row of no measurable precipitation — the second-longest such streak on record, as reported by the state climatologist office’s January drought update released on Thursday.

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John Berggren, regional policy manager for nonprofit Western Resource Advocates, said other factors to keep in mind are how much precipitation falls as rain rather than snow and exactly when snowpack begins to turn into runoff.

Unfettered warming caused by climate change is causing snow to melt earlier, he said. That can cause vegetation to soak up water through evapotranspiration, the loss of water to evaporation from soil surfaces and transpiration from the leaves of plants.

“Because of climate change, snowpack numbers aren’t translating into the same stream flow numbers that we might have seen 10, 15, 20 or 30 years ago,” Berggren said.

Some years will see snowpack levels shrink early in the season, while other years start off slowly and bring snowstorms later on, he said.

“Fingers crossed for the latter, but we have to be prepared for the former,” Berggren said.

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Contact Alan Halaly at ahalaly@reviewjournal.com. Follow @AlanHalaly on X.



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Nevada fuel line will return to normal service

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Nevada fuel line will return to normal service


LAS VEGAS, Nev. (FOX5) – Clark County asks consumers to ”not panic buy at the pump.”

After messages from Clark County saying the fires in California were potentially affecting the fuel lines servicing Southern Nevada, the County is advising the public to not run out and buy gas for their cars.

The gas line from California to Nevada will re-start and be operational by Friday.

Message from Clark County:

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“In working with California, a solution has been put in place which will power the Kinder Morgan fuel line into southern Nevada and fuel should start to flow into the valley in the next 12-24 hours. Clark County Office of Emergency Management remains engaged on this issue with regional and state partners. The public is encouraged to not panic buy at the pump.”

FOX5 will have a full report on the gas line running from California to Nevada at 10 and 11 p.m.



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Missing Southfield girl might be in Nevada with man who just found out he’s her father, police say

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Missing Southfield girl might be in Nevada with man who just found out he’s her father, police say


SOUTHFIELD, Mich. – A 4-year-old Southfield girl who has been missing for two months might be in Nevada with a man who just found out he’s her father, police said.

Bali Packer was picked up by her biological father, Juwon Madison, on Nov. 10, 2024, and has not been returned to her mother, Timeah Wright-Smith.

Packer was last seen wearing a blue PJ mask shirt, pink hat, pink leggings, and pink boots.

Madison is not listed on Packer’s birth certificate, and no court order in place states he has any parenting time.

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He recently discovered that he may have been the father of Packer prior to picking her up with her mother’s permission, who is the sole guardian of the 4-year-old girl.

Madison is believed to have left Michigan and went down to Nevada.

Wright-Smith does not believe Packer is in any danger.

Bali Packer Details
Eyes Brown
Age 4
Height 3′3″
Hair Brown
Weight 3 pounds

Anyone with information should contact the Southfield Police Department at 248-796-550 or Crime Stoppers at 1-800-Speak Up.

All tips to Crime Stoppers are anonymous. Click here to submit a tip online.

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READ: More Missing in Michigan coverage

Copyright 2021 by WDIV ClickOnDetroit – All rights reserved.



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