October 2019 SFR closings were up 5.0% from last month and up 7.4% up from October2018. The overall residential resale market (including residential, high rise, and multi-family sales) continues to improve this month and is now only 3.3% off the 2018 numbers. We are just shy of 36,000 resales closings year-to-date and on a pace to close between 42,000 and 43,000 resale units this year. Downward price pressures in this market have held year to date appreciation of Single Family Residential home to 5.0%. So – despite challenges with lending, appraisals and affordability issues, the Las Vegas real estate market is rebounding from a poor start to 2019 and is looking to finish stronger than we might have expected. We are now only 3.3% behind 2018 year-to-date.
SFR inventory dropped to 2.7 months overall due to an increase in closings and a sharp drop in listings taken. Only 4,589 residential listings were taken in October compared to 5,165 listings taken in September. Again, there is a wide variance from community to community – ranging from 2 to 1 months of inventory – depending upon the specific community. The level of over pricing The SFR Over Pricing Index remains at 65% with 30% of all inventory having been on the market for more than 90 days without an offer.
The median closed sales price of an SFR fell 1% from $310,000 to $307,000. Similarly, the average closed sales price of an SFR decreased 1.5% from $361,913 to $356,418.