Greater Las Vegas Real Estate Market Update – July 2018

Market Overview

June 2018 Single Family Residential (SFR) closed sales were up 0.5% from May 2018 but were down 11.3% compared to the same period last year. The SFR median sales price dropped 1.7% to $290,000 while the SFR average closing price dipped to $337,938 for a 0.8% decrease from last month. 2018 sales have fallen behind the 2017 pace with closed units down 2.2% for the first six months of 2018. SFR closings are down from last year at this time while Condo/Townhomes remail flat. The high rise and luxury market closings remain strong. In fact, the luxury market is up 19.8% over last year.

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Closed Units & Price Movement

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. The third charts illustrates that 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.