Last month, the Las Vegas real estate market remained steady and stable. The past 20 years have been extremely volatile, and the current 3.4% median home price appreciation is very healthy as we head towards a balanced and level market.
The median home price for single-family homes in southern Nevada was $305,000, up 3.4% from last year and up slightly from last month. The median home price for condos and townhomes was $177,000, up 4.1% from last year and up 1.1% from last month.
3,168 single-family homes were sold in August of 2019, up 3.1% from this same time last year. Condos and townhomes sales dropped 5.1% for a total of 767 sales. Total sales are lagging behind last year.
We are seeing more availability and seeing properties stay on the market for longer. August ended with 7,766 properties on the market, up 33.5% from last year. This, in turn, has caused months of inventory to increase to 2.5 months. Overall, this market still favors the buyer. A “balanced market” is generally around 4-6 months of inventory, while 4 months and under favors the seller and 6 months and higher favors the buyer. We are headed towards a healthy, balanced market.
Townhomes and condos availability has also shot up: 57.1% increase to 1,860 units available. Townhomes and condos have a 2.4 month supply.
New Las Vegas home sales are down year over year. Homebuilders are being more cautious with their construction and often not completing as many “quick move” homes. The exception is North Las Vegas, where new homes are seeing a boom due to prices and new development.
Distressed sales are extremely low. Only 2.1% of all sales were foreclosures or short sales compared to 6.1% two years ago.
Las Vegas high rise sales continue to slump. While median sales prices inched up 2.4% from last year to $374,900, the number of sales decreased by 25% and availability increased by 55%. If you’re selling your high rise in today’s market, you have to be competitive.
The Las Vegas real estate market is slowing down, but this is healthy as we head towards a more balanced market. It’s currently an EXCELLENT time to buy: we’re seeing mortgage interest rates in the low 3%, increased inventory, and sellers starting to sweat from their homes sitting on the market due to overpricing. You can really score a great deal!
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All data is August 2019 numbers, supplied by the Greater Las Vegas Association of Realtors. Deemed reliable but not guaranteed. Click on photos for more information.