Greater Las Vegas Real Estate Market Update – November 2019

Market Overview

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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.

 

 

 

 

 

 

 

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.

 

Greater Las Vegas Real Estate Market Update – September 2019

 

Market Overview

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August 2019 SFR closings were flat over last month but 2.7% up from August 2018.  The overall market has failed to keep pace with 2018 except for the luxury market segment which remains relatively strong . The Greater Las Vegas residential real estate market continues to lag just over 6% from last year.  Meanwhile, the high rise market segment sustains its lackluster trend with no improvement in sight.

SFR inventory remains 2.6 months overall, but there is a wide variance from community to community – ranging from 2 to 25 months of inventory – depending upon the specific community. The months of inventory decreased from 2.9 months as a result of the slow decline in listings taken during the past three months and the current strength in closed sales over past few months. Yet, that doesn’t seem to curb the over pricing as it’s on the rise again! The SFR Over Pricing Index is at 65% with 27% 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 very slightly to $305,000 while the average closed sales price of an SFR dropped from $359,411 to $354,281 for a 1.4% decrease.  Again, there was somewhat more cash and alternate financing this month, but we will have to wait to see if a drop in the Fed rate spurs financing going forward. Both the median and average closed sales prices of an SFR remain below the 2006 peak!

 

Greater Las Vegas Real Estate Market Update – August 2019

 

Market Overview

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July 2019 closings improved slightly over last month but could not catch up to July 2018.  The overall market remains weak except for the luxury market segment which remains strong .The Greater Las Vegas residential real estate market continues to lag just over 7% from last year.   Meanwhile, the high rise market segment continues its lackluster trend with no improvement in sight.

SFR inventory dropped to 2.6 months overall, but there is a wide variance from community to community – ranging from 1 to 15 months of inventory – depending upon the specific community.   The months of inventory decreased from 2.9 months as a result of in decline in listings taken in July  and the improvement in closed sales over last month.  Yet, that doesn’t seem to curb the over pricing as it’s on the rise again!  July 2019 SFR closed sales shot up 8.9% from June 2019 but slipped 1.0% from July 2018. Condo and town-home sales declined further and are still at 2016 levels. There is now 2.7 months of condo/town-home inventory currently available. 

The median closed sales price of an SFR dropped slightly to $303,000 while the average closed sales price of an SFR rose from $353,893 to $359,411for a 1.6% increase.  There was somewhat more cash and FHA financing this month, but we will have to wait to see if a drop in the Fed rate spurs financing going forward. Both the median and average closed sales prices of an SFR remain below the 2006 peak!

 

Greater Las Vegas Real Estate Market Update – July 2019

 

Market Overview

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June 2019 closings slumped and fizzled with weakness in every market segment except the luxury market segment. In fact, the market is now 8% behind last year.  The high rise market segment has now tumbled and fallen back to 2014 levels. 

Closed sales by community reveals anywhere from 2 to 14 months of inventory – depending upon the specific community. Overall there is 2.9 months of SFR inventory. The months of inventory increased from 2.5 month as a result of in increase in available inventory even as closed sales slumped behind last month and last year.  Yet, that doesn’t seem to curb the over pricing! 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.  June 2019 SFR closed sales retreated 11.4% from May 2019 and 11.3% from June  2018. Condo and town-home sales declined and are back at 2016 levels. There is now 2.8 months of condo/town-home inventory currently available. Vertical/high rise sales continue to stall at 2014 levels while luxury sales keep pace!

The median closed sales price of an SFR improved slightly to $304,000 while the average closed sales price of an SFR slipped from $358,124 to $353,893 for a 1.2% decrease.  Both the median and average closed sales prices of an SFR remain below the 2006 peak!

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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!

The Upcoming Property Management Pre-Licensing Class

 

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

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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!!!

 

 

 

Greater Las Vegas Real Estate Market Update – April 2019

Advantage Buyer ???  Or Seller?

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March 2019 closings represent a valiant effort to become the basis for a rebound in this market,  but in fact, the market remains 14.8% behind last year and I believe that trend will continue throughout 2019.  A burst in supply now leaves the current market with 2.9 months of SFR inventory.  However, the chart below depicting sales by community reveals anywhere from 2 to 12 months of inventory – depending upon the specific community.   The increase in new inventory has temporarily lowered the amount of overpricing because of the larger number of homes on the market for less than 30 days.  Presently,  58% of all SFR inventory is overpriced, thus market pricing is somewhat “bipolar”!  More correctly, market pricing is bimodal – meaning that the 42% of homes properly priced have an average days on market (DOM) of 15 days, while the overpriced listings (58% of the available inventory) has an average DOM of 110 days! Ouch!

March 2019 SFR closed sales improved nearly 33% from February 2019 but is down over 17% from March 2018 SFR closings. The median closed sales price of an SFR improved slightly to $300,000 in March for a 1.1% increase over last month while the average closed sales price of an SFR rose to $353,069.

So what is the bottom line? Your cheese has been moved and if you are prospecting and managing your business the same as you did in past years – that’s probably a mistake! It’s time to move your own cheese! For example, how does your average sales price compare to the Median Closed Sales Price of SFR sales?

Greater Las Vegas Real Estate Market Update – March 2019

Advantage Buyer ???

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The 1st Quarter of 2019 shows no signs of the Las Vegas real estate market picking up anytime soon.  In fact, the market remains 14% behind last year and I believe that trend will continue throughout 2019.  Current supply and demand leaves the current market with 3.9 months of SFR inventory.  However, the chart below depicting sales by community reveals anywhere from 2 to 19 months of inventory – depending upon the specific community.  If three to six months of inventory is considered a balanced market, then we now have quite a few communities where the negotiating advantage clearly goes to the Buyers.  So it’s really too bad 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.  February 2019 SFR closed sales improved nearly 7% from January 2019 but is down just over 8% from February 2018 SFR closings.  The median closed sales price of an SFR dipped to $296,000 in January for a 1.3% decrease over last month while the average closed sales price of an SFR was nearly flat at $350,370.

 

So what is the bottom line?  Your cheese has been moved and if you are prospecting and managing your business the same as you did in past years – that’s probably a mistake!  It’s time to move your own cheese! For example, how does your average sales price compare to the Median Closed Sales Price of SFR sales?

Greater Las Vegas Real Estate Market Update – February 2019

Las Vegas Market Overview

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The Las Vegas 4th quarter 2018 market slowdown has continued into the first month of 2019 with opening month closing the worst since January 2015.  Yet supply of inventory has risen sharply in the face of lower demand resulting in 4.2 months of SFR inventory.   However, the chart below depicting sales by community reveals anywhere from 2 to 20 months of inventory – depending upon the specific community.  The good news is that this market shift  has put downward pressure on listing prices of available inventory even as SFR closed sales prices improved.   Consequently the big news is that the overall level of overpricing dropped markedly this month.  January 2019 SFR closed sales fell nearly 20% from January 2018 and 15.5% from December SFR closings.  Even so, the median closed sales price of an SFR nudged up to $300,000 in January for a 1.3% increase over last month while the average closed sales price of an SFR improved to $351,518 for a 1.1% increase over December 2018.

So is there light at the end of the tunnel? Or did the government shut that off as well?? Yes! The silver lining is that pended sales are up nearly 14% from last month – and we all look forward to those additional closings.

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