Greater Las Vegas Real Estate Market Update – May 2018

Market Overview

April 2018 Single Family Residential (SFR) closed sales were down 9% from March 2018 and were essentially flat compared to the same period last year. The SFR median sales price improved 1.4% to $289,500 while the SFR average closing price improved slightly to $333,762 for a 0.95% increase from last month. 2018 sales are on the same pace as they were in 2017 at this time.  Year to date close units are flat while market values push higher.  The high rise and luxury market closings remain strong. Conventional financing dominated the closings and even FHA financing showed improvement this month. There is slightly more inventory than previously, but this market only enjoys 1.5 months of available SFR inventory and 1.3 months of Condo and Townhome inventory. Yet, with half of the available inventory being over priced – that translates into about two to three weeks of marketable inventory.

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Residential Closings by Price Point

The three charts below clearly depict the shrinking inventory and closed sales for all residential homes below $250,000.  The first chart illustrates how dominant sales were for properties below $250,000 and how those sales have steadily declines the past six years.  Currently, sales between $250,000 and $750,000 account for more closings than all sales below $250,000.  This is the first time since mid-2007 that this was the case.  The second chart below highlights the strong momentum for sales between $250,000 and $500,000 while the third chart shows the same thing for all sales over $500,000.

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2 thoughts on “Greater Las Vegas Real Estate Market Update – May 2018

  1. Hello Forrest…..

    Hope you are well….

    I quit reading your blog last year as all of my comments obviously mean nothing because they expose the missteps that have been taken politically by the association over the last several years……With that said, reading my past posts and predictions of an ever shrinking inventory with nothing to replace it was spot on….There have been three major cycles of inventory supply since 2010’….This shortage has been coming at us like a freight train….Worst shortage in the top twenty CBSA’s in the country….!…..To top it off, we have politically situated ourselves so there is no end in sight for it…..!!

    So will it ever be time to finally to step up and fix our legislative missteps or shall we just assume that sky rocketing housing prices really is the true agenda…?

    Best, Mark E. Rowley….ROG…W. Charleston….702-379-1353….


    1. My apologies in not being very responsive. I get very busy for about a week or two after finishing each post. I always appreciate and value your comments and had always hoped others would join in. Between Congress and CFPB, we could not be more worse off in the housing and credit markets. It’s unthinkable to have credit as tight in a 4% interest rate market (now) as it was in 1980 with interest rates at 21%! Credit has continually and steadily tightened over the past 9 years. Simultaneously, the rate of home ownership threatens to be lower than at anytime since we began tracking that number. There are too many agendas out there . . . and none of them seem to taking care of hard working citizens. Thanks again!


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