The Las Vegas housing market exceeded expectations last month. Sales were strong compared to this same time last year. Median sales price saw a small dip, which is natural for the time of year. Read or watch for the full November 2019 Las Vegas Real Estate Market Update.
The median price of single-family homes dipped t0 $307,000, down slightly from $310,000 last month. This is normal for the time of year. Year over year gains were 4.1%, which is steady and healthy growth. Condos and townhomes saw a small decrease in median sales price to $171,250. Interestingly, the average sales price of condos is up 4%
While year to date sales are still slightly behind this same time last year, the Las Vegas real estate market is catching up to 2018. 2,899 single family homes sold last month. This is up 5.4% from last month and up 7.9% from last year. Condo and townhome sales were 672, down 1.2% from last month but up 3.5% from last year. Despite a slow start to the year, the market seems to be catching up.
There were 8.9% fewer single-family property listings taken than the same time last year and 8.6% fewer condo and townhome listings. This put a small dent in the previously increasing months of inventory for single-family homes, which is now back to 2.5 months. Condos and townhomes remained at 2.7 months of inventory. Both these markets continue to favor the seller, although it is always dependent on individual neighborhoods.
There were 7,210 single-family homes available (without offers) last month. Down 1.7% from last month and up 4.2% from last year. There were 1,808 condos and townhomes available, down 1.2% from last month but up 15.7% from last year.
Overall, the month finished strong. While there was a small decrease in median home prices, as is normal for the time of year. Sales exceeded expectations and total yearly sales are now only 3.8% behind last year.
The slowdown in condo and townhome sales might be due to an increase in new build inventory. Due to high land prices and demand for lower-priced homes, many Las Vegas home builders are developing new condo and townhome projects. People who are looking for this type of property now have the option to purchase new and customize as desired. We recently did a spotlight on The Hudson at Green Valley, a community of new Henderson NV condos that is nearly sold out within months of opening.
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All data is October 2019 numbers, supplied by the Greater Las Vegas Association of Realtors. Deemed reliable but not guaranteed. Click on photos for more information.