November 2019 SFR closings were down 17.5% from last month and up 4.5% up from November. The overall residential resale market (including residential, high rise, and multi-family sales) continues to improve this month and is now only 2.7% off the 2018 numbers. We are just over 39,000 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 5.2%. 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.
SFR inventory increased to 2.9 months overall due to an decrease in closings and another sharp drop in listings taken. Only 3,464 residential listings were taken in November compared to 4,589 listings taken in October. Again, there is a wide variance from community to community – ranging from 2 to 14 months of inventory – depending upon the specific community. The level of over pricing The SFR Over Pricing Index rose to 71% with 34% of all inventory having been on the market for more than 90 days without an offer.
The median closed sales price of an SFR remains flat at $307,000. However, the average closed sales price of an SFR jumped 2.6% from $356,418 to $365,561.