Las Vegas trend of homes on market with no offers seen as ‘troubling’

Las Vegas used-home prices rose last month, but industry pros are worried by the continued, “troubling” rise in ignored, overpriced listings.

The median sales price of single-family homes last month in Southern Nevada was $ 205,000, up 2.5 percent from January and 8 percent from a year ago, according to a new report from the Greater Las Vegas Association of Realtors.

A total of 1,965 single-family homes sold last month, up 9.5 percent from January but down 2 percent year-over-year.

Meanwhile, the number of untouched listings is up from a year ago, with 7,313 single-family homes for sale without offers, down 1 percent from January but up 16 percent from February 2014.

The findings are based on data from the GLVAR’s listing service, which is largely comprises previously owned homes.

Price-growth has slowed considerably from the past few years as investors pull back from Las Vegas, and GLVAR President Keith Lynam said the valley has “a stable housing market, which is a good thing.”

But sellers, emboldened by the run-up in values since the market hit bottom, are asking too much for their homes. Real estate agents want them to “realistically” set prices at fair market value, Lynam said in the report.

“Certainly some of the blame should be squarely placed on our members, but the trend of homes on the market with no offers is rising, and that is troubling,” he said.

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