Greater Las Vegas Real Estate Market Update – October 2019

 

Last Property Management Pre-Licensing Class for 2019

 

Market Overview

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September 2019 SFR closings were down 13.5% from last month but up 12.8% up from September 2018.  The overall residential market has improved in recent months but remains 4.2% off the 2018 pace.  Downward price pressures in this market have held year to date appreciation of Single Family Residential home to 4.9%.  Some of this is a result of lending practices, some a result of appraisals, but it’s also a reflection of a growing affordability issue as homes at the lower price points begin to vanish in the current market.

SFR inventory has increased to 2.9 months overall, but there is a wide variance from community to community – ranging from 2 to 16 months of inventory – depending upon the specific community. Both the number of closed sales and the number of available listings have declined simultaneously to increase the overall months of inventory.   Yet, that doesn’t seem to curb the inevitable amount of over pricing The SFR Over Pricing Index is at 65% with 28% of all SFR inventory having been on the market for more than 90 days without an offer.

The median closed sales price of an SFR improved 1.6% from $305,000 to $310,000. Similarly, the average closed sales price of an SFR increased from $354,281  to $361,913 for a 2.1% increase.  The median SFR price trend is above the 2006 peak level while the average SFR price remain below the 2006 peak as it slowly catches up.

 

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