The Las Vegas real estate market remained steady last month. Sales were strong compared to this same time last year and appreciation continued at a steady pace. Read or watch for the full October 2019 Las Vegas Real Estate Market Update.
The median home price for single-family homes in the Las Vegas area was $310,000, up 1.6% from last month and up 3.3% from last year. Condos and townhomes saw slower gains. Their median sales price was $171,000, down 3.4% from last month and up only .6% from last year.
The Las Vegas real estate market generally slows down this time of year, but we saw an increase in units sold from the same time last year. 2,750 single family homes were sold last month. This is down 13.2% from last month but up 12.9% from last year. 680 condos and townhomes were sold. Down 11.3% from the previous month but up 19.5% from the same time last year. Total sales lag slightly behind the last two years, but if sales continue to outpace typical fall and winter sales, the market has a chance of catching up.
Inventory is up from last year. There are 7,334 single-family homes available for purchase, which is 5.6% less than last month but up 19.3% from the same time last year. There are 1,830 condos and townhomes available, down 1.6% from last month and up 35% from last year. Months of inventory also increased slightly to 2.7. While we are heading towards a more balanced market, 2.7 months of inventory still favors the seller. Individual neighborhoods vary, so make sure your Realtor understands your particular hyperlocal market.
Las Vegas high-rise sales continue to lag. Sales are down 16.9% from the same time last year and inventory is up 65.7% from last year. If you are thinking of buying a Las Vegas High-Rise, you are in a good spot. Lots of inventory means more choice and more bargaining power. Despite slow sales, the median sales price for highrise properties was up 10.3% from last year at $363,750.
September finished stronger than expected. The numbers point to a healthy and steady market. It is a great time to buy as interest rates remain low. The increased inventory provides lots of options to buyers. It is more important than ever that sellers hire an experienced agent who can properly price and market their homes.
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All data is September 2019 numbers, supplied by the Greater Las Vegas Association of Realtors. Deemed reliable but not guaranteed. Click on photos for more information.