Greater Las Vegas Real Estate Market Update – May 2019

Senate Bill 256 – Bad for Homeowners!
Senate Bill 256 – Bad for Tenants!!
SENATE BILL 256 – BAD FOR NEVADA!!!

Market Overview

Click Here for the Current Las Vegas Market Individual Reports

Click Here for the Current Las Vegas Market Update Report

April 2019 closings have provided us with the first real signs of the Las Vegas real estate market picking up and acting like the market we expected. In fact, although the market remains 10% behind last year  –  most market niches out performed or came close to performing as well as April 2018.  Most notably, Real Estate Owned (REO) sales enjoyed its first uptick in sales in a very long time.  We will monitor this to see if it is a one time event or develops into a trend.

Closed sales by community reveals anywhere from 1 to 15 months of inventory – depending upon the specific community.  Generally there are about 3 months of SFR inventory, which is considered a balanced market from a negotiating perspective.  But it is a shame to see over pricing on the rise! The good news is that this market shift has put downward pressure on listing prices of available inventory as well as SFR closed sales prices.   April 2019 SFR closed sales improved 9.47% from March 2019 and is nearly the same as April 2018.  Condo and townhome sales improved 17.5% over last month and 8.4% over last year at this time.  There are only 2.6 months of condo/townhome inventory currently available.  Vertical/high rise sales have stalled to 2014 levels while luxury sales have kept pace with last year!

The median closed sales price of an SFR remains flat at $300,000 while the average closed sales price of an SFR dropped from $353,069 to 344,156 for a 2.5% decline.   2019 SFR market price improvement dipped to 3.4% for the year.

 

  Senate Bill 256 – Bad for Homeowners!

Senate Bill 256 – Bad for Tenants!!

SENATE BILL 256 – BAD FOR NEVADA!!!

 

 

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.