Greater Las Vegas Real Estate Market Update – June 2019

Market Overview

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May 2019 closings are very encouraging with gains in both SFR and luxury market sales. In fact, the market is now only 7% behind last year – most market niches out performed or came close to performing as well as May 2018. Most notably, Real Estate Owned (REO) sales collapsed in May and is now only 1.6% of Las Vegas closings.

Closed sales by community reveals anywhere from 1 to 10 months of inventory – depending upon the specific community. Overall there is 2.5 months of SFR inventory. The months of inventory dropped from 2.8 month with a rise in new listings taken and an even larger rise in closed SFR sales. 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 14.1% from April 2019 and 4.4% from May 2018. Condo and town-home sales improved and are back on pace to compete with 2017 and 2018 sales results. There are only 2.6 months of condo/town-home inventory currently available. Vertical/high rise sales continue to stall at 2014 levels while luxury sales keep surging!

The median closed sales price of an SFR remains flat again at $300,000 while the average closed sales price of an SFR improved from $344,156 to 358,124 for a 4.1% increase. Both the median and average closed sales prices of an SFR remain below the 2006 peak!