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Nevada Housing Market – March 2020

The Nevada Housing Market – March 2020 has just been published by The Lied Institute for Real Estate Studies at The University of Nevada Las Vegas. LasVegasRealEstate.com is pleased to offer the report summary here as well as a link to the entire report.

Nevada Housing Market Update – March 2020 – Summary of Findings

The Las Vegas metropolitan area saw a 4.4 percent year over year increase in single-family home prices. Mesquite boasted the largest year over year price increase at 7.3 percent.  Laughlin decreased on a year over year basis. Within the Las Vegas metropolitan area, Southern Highlands saw the most robust growth in existing single-family home prices as prices increased 11.3 percent year over year. Boulder City, which typically had the most growth in existing single-family home prices, was the only market in the Southern Nevada region where prices decreased on a year over year basis. Existing single-family home sales were down at least 5 percent year over year in all regions in Nevada. Prior to March 2020, the Las Vegas metropolitan area had seen large increases in existing single-family home sales during 2020. The distress share is down year over year in all regions of Nevada, except Laughlin. The Mesquite distress share was 0 percent for the third consecutive month. New single-family listings were down over 10 percent year over year in the Las Vegas metropolitan area. Average prices for new condominiums in the Las Vegas metropolitan area decreased for the first time since December 2018. Nevada Housing Market Update – New Single-Family Homes and Condos New single-family home prices saw a month-to-month decrease for the first time since August 2019. On a year over year basis, prices increased for the third consecutive month. Price per square foot continues to see less robust growth than the overall price. Price per square foot for new single-family homes decreased by more than 5 percent on a year over year basis for the fifth consecutive month. New condominium prices saw a large month-to-month decrease and decreased 9.6 percent year over year. This was the first year over year decrease since December 2018. Nevada Housing Market Update – March 2020 – Existing Single-Family Homes and Condos Existing single-family home prices were nearly unchanged from the previous month. Average existing home prices have been about $355,000 for seven consecutive months. Price per square foot for single-family homes also continues to see very little month-to-month change. March 2020 saw a very slight increase to $170 per square foot. This was the highest price per square foot since September 2007. Existing single-family and condominium sales were down about 5 percent year over year, following large year over year increases during January and February of 2020. Overall price and price per square foot for existing condominium sales saw slight month-to-month decreases, but about 5 percent year over year increases. REO Single-family REO prices decreased on a month-to-month basis for the first time since October 2019. Prices have increased more than 5 percent on a year over year for five consecutive months. There were 93 single-family REO sales during March 2020. This represents the lowest monthly total since December 2006. Average Days on Market The average time on the market for single-family homes increased slightly for the eighth consecutive month. Time on market is up 1.6 percent, or 1 day, year over year. The average time on the market for condominiums decreased on a month-to-month basis for the first time since November 2019. Time on market for condominiums is up 9.3 percent, or 8 days, year over year. The average new listing price of single-family homes increased for the sixth consecutive month. Condominiums have seen little month-to-month change in average new listing prices, as prices have consistently been about $250,000 since November 2019. New single-family listings were down 12.3 percent year over year. This was the largest year over year decrease since March 2013. Top 5 Zip Codes in Average Existing Home Price #1: 89135 at $654,000 #2: 89138 at $573,300 #3: 89052 at $533,300 #4: 89144 at $531,400 #5: 89141 at $519,100 Bottom 5 Zip Codes in Average Existing Home Price #1: 89030 at $170,670 #2: 89101 at $178,330 #3: 89106 at $192,330 #4: 89115 at $215,830 #5: 89156 at $228,670 Top 5 Zip Codes in Average Existing Price Year Over Year Growth #1: 89110 at 21% #2: 89169 at 16% #3: 89115 at 15% #4: 89119 at 14% #5: 89104 at 12% Bottom 5 Zip Codes in Average Existing Price Year Over Year Growth #1: 89012 at -12% #2: 89109 at -8% #3: 89144 at -7% #4: 89148 at -7% #5: 89005 at -6% To read the entire report for March 2020, please click on the link: Nevada Housing Market Update – March 2020 For more information on The Lied Institute for Real Estate Studies at UNLV please click the link: Lied Institute for Real Estate Studies Thank you for reading our post, “Nevada Housing Market Update – March 2020.”  For more Las Vegas real estate market news, information on homes for sale, information on commercial real estate for sale, or general real estate information, please visit our website www.lasvegasrealestate.com or come see us on Facebook. Read the full article

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Survey of Las Vegas Housing Market Sentiment 2nd Quarter 2020

Survey of Las Vegas Housing Market Sentiment – 2nd Quarter 2020

Survey of Las Vegas Housing Market Sentiment – 2nd Quarter 2020 – The Lied Institue for Real Estate Studies at the University of Nevada Las Vegas (UNLV) Lee Business School has just released its Survey of Las Vegas Housing Market Sentiment for the 2nd Quarter of 2020.  Here are their findings: Overall Las Vegas Housing Market Sentiment – 2nd Quarter 2020 90 percent of the Clark County brokers that were surveyed after March 17 indicated that they believe the overall real estate market will get worse over the next 90 days. » Of these same brokers, 50 percent believe that the overall real estate market will get worse over the next year. For the second consecutive quarter, Clark County was the only region with any respondents that believed the overall real estate market would get worse over the next 90-days. This was the second consecutive quarter where the 90-day and one-year total sentiment score decreased in Clark County. Las Vegas Housing Market – Pricing Clark County saw a drastic decrease in the percent of brokers with a neutral view on home price changes. Clark County saw a large increase in brokers that indicated prices would decrease over the next 90 days and next year. » This quarter, 4 percent of brokers indicated that they believe home prices will decrease more than 10 percent over the next year. » No broker from any region in the previous surveys had ever believed prices would decrease 10 percent or more over the next year. 60 percent of the Clark County brokers that were surveyed after March 17 indicated that they believe home prices will decrease over the next year. » All brokers that believed prices would increase more than 10 percent over the next year were surveyed after March 17. Volumes Clark County, which was more optimistic than Washoe County about home sales over the next 90 days the previous two quarters, held a neutral view on home sales over the next 90 days. Clark County was slightly optimistic about home sales over the next year and home building over the next 90 days. None of the Clark County brokers that responded after March 17 believed that home sales would increase in the next 90 days. » Of these same brokers, 10 percent believed that home sales would increase over the next year. Rentals Clark County continues to be the only region with any brokers that believe rent prices will decrease more than 5 percent over the next year. » The majority of these brokers answered after March 17. Clark County saw an 11-percentage point increase in brokers that indicated renting is a better idea than buying. All of these brokers did business primarily in Henderson. Economy Depending upon the timing of their response to the survey, the results differed. Brokers that responded before March 17, held a slightly optimistic view of the economy. Brokers that responded after March 17, held a very pessimistic view of the economy. Clark County brokers that responded prior to March 17 were slightly optimistic about the unemployment rate and mortgage rates. » Only 10% of brokers surveyed after March 17 displayed optimism in the unemployment rate or mortgage rates. » None of the brokers surveyed after March 17 believed that income would increase over the next year. About the Survey The Housing Market Sentiment Survey is conducted every quarter in collaboration with our industry partner, Nevada Realtors. A representative sample of residential real estate brokers from all regions in Nevada are surveyed to gather their opinion of the housing market in locations they operate. This is a forward-looking survey gauging the housing market sentiment in Nevada. About the Lied Institute for Real Estate Studies The Lied Institute for Real Estate Studies was established in 1989 by the Lee Business School at the University of Nevada, Las Vegas to foster excellence in real estate education and research. Through partnerships with business and community leaders, the Lied Institute strives to improve real estate business and effective public-policy practices in Southern Nevada. The institute produces relevant and timely real estate research, supports educational programs in real estate for students and professionals, and provides community outreach and continuing education. To read the entire Survey of Housing Market Sentiment – 2nd Quarter 2020, please click on the link: Survey of Housing Market Sentiment – 2nd Quarter 2020 For more information on The Lied Institute for Real Estate Studies at UNLV please click the link: Lied Institute for Real Estate Studies Thank you for reading our post, “Survey of Las Vegas Housing Market Sentiment – 2nd Quarter 2020.”  For more Las Vegas real estate market news, rentals, rental market data, information on homes for sale, information on commercial real estate for sale, or general real estate information, please visit our website www.lasvegasrealestate.com. Read the full article

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Nevada Housing Market - February 2020

The Nevada Housing Market – February 2020 has just been published by The Lied Institute for Real Estate Studies at The University of Nevada Las Vegas. LasVegasRealEstate.com is pleased to offer the report summary here as well as a link to the entire report.

Nevada Housing Market Update – February 2020 – Summary of Findings

Mesquite saw the most robust growth in single-family home prices of any major region in Nevada as prices increased 11.0 percent year over year. The Las Vegas metropolitan area saw an increase of 2.8 percent. Laughlin saw a 12.5 percent decrease in home prices. Laughlin was the only region in Nevada where the price per square foot decreased on a year over year basis (4.5 percent). Within the Las Vegas metropolitan area, Boulder City continues to see the most robust growth in existing single-family home prices as prices increased 18.4 percent year over year. Summerlin was the only region to see a year over year decrease in existing single-family home prices as prices decreased 2.3 percent year over year. The distress share is down year over year in all regions of Nevada. Mesquite saw the largest year over year decrease in the distress share as the distress share decreased 7.9 percentage points, bringing the distress share down to 0 percent. Average new single-family home prices continue to see large monthly increases in the Las Vegas metropolitan area. New home prices are up 5.3 percent year over year in the Las Vegas metropolitan area. Within the Las Vegas metropolitan area, existing condominium prices have seen almost no monthly change for three consecutive months. Nevada Housing Market Update – New Single-Family Homes and Condos New single-family home prices saw a month-to-month increase for the sixth consecutive month. At an average price of $586,000, new single-family home prices were up nearly $30,000 year over year. Price per square foot for new single-family homes increased on a month-to-month basis for the second consecutive month. Prices still decreased on a year over year basis for the fifth consecutive month and February 2020 prices were down 8.4 percent year over year. New condominium prices have increased more than 30 percent year over year for four consecutive months. Average price per square foot for new condominium homes decreased on a month-to-month basis for the second consecutive month. Price per square foot has seen less robust growth than the overall price as price per square foot was up only 8.5 percent. The average new listing price of single-family homes increased for the fifth consecutive month. At $431,000, the average new listing price of single-family homes was the highest it had been since June 2007. New single-family listings were down more than 10 percent year over year for the fourth consecutive month. Nevada Housing Market Update – February 2020 – Existing Single-Family Homes and Condos Existing single-family home prices saw a very small month-to-month decrease after nine consecutive months with small month-to-month increases. Average prices were up 4.8 percent, or $16,000, year over year. Price per square foot for single-family homes has seen almost no change for over a year. Price per square foot was up 2.0 percent year over year Existing condominium sales increased on a year over year basis for four consecutive months, following thirteen consecutive months with year over year decreases. Existing condominium prices have seen almost no change for the last three months. Existing condominium price per square foot has seen little change in the last five months. REO The overall price for REO sales and price per square foot for REO sales increased for the fourth consecutive month. The overall price was up 11.8 percent year over year, while the price per square foot was up 7.5 percent year over year. There were 91 single-family REO sales during February 2020. This represents the second consecutive month with a year over year decrease. The last nine months of 2019 saw large year over year increases in REO sales. Average Days on Market Average time on the market for single-family homes increased slightly for the seventh consecutive month. Time on market is up 9 percent, or 12 days, year over year. Condominiums, at 92 days, spend 5 more days on the market than single-family homes. The single-family distress share increased slightly for the third consecutive month after nine consecutive months with decreases. Nonetheless, the single-family distress share decreased 3.3 percentage points on a year over year basis. The average new listing price of single-family homes increased for the fifth consecutive month. At $431,000, the average new listing price of single-family homes was the highest it had been since June 2007. Top 5 Zip Codes in Average Existing Home Price #1: 89135 at $669,100 #2: 89004 at $625,000 #3: 89138 at $589,300 #4: 89052 at $588,500 #5: 89144 at $510,700 Bottom 5 Zip Codes in Average Existing Home Price #1: 89030 at $169,000 #2: 89101 at $176,670 #3: 89106 at $192,330 #4: 89115 at $206,000 #5: 89156 at $218,630 Top 5 Zip Codes in Average Existing Price Year Over Year Growth #1: 89104 at 19% #2: 89110 at 16% #3: 89052 at 14% #4: 89005 at 13% #5: 89131 at 13% Bottom 5 Zip Codes in Average Existing Price Year Over Year Growth #1: 89148 at -9% #2: 89146 at -9% #3: 89145 at -9% #4: 89118 at -7% #5: 89085 at -5% To read the entire report for February 2020, please click on the link: Nevada Housing Market Update – February 2020 For more information on The Lied Institute for Real Estate Studies at UNLV please click the link: Lied Institute for Real Estate Studies Thank you for reading our post, “Nevada Housing Market Update – February 2020.”  For more Las Vegas real estate market news, information on homes for sale, information on commercial real estate for sale, or general real estate information, please visit our website www.lasvegasrealestate.com or come see us on Facebook. Read the full article

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Nevada Housing Market – January 2020

The Nevada Housing Market - January 2020 has just been published by The Lied Institute for Real Estate Studies at The University of Nevada Las Vegas. LasVegasRealEstate.com is pleased to offer the report summary here as well as a link to the entire report.

Nevada Housing Market Update – January 2020 – Summary of Findings

The Las Vegas metropolitan area saw an increase of 4.8 percent. Mesquite saw a 5.5 percent year over year increase. Laughlin, which saw a large increase in December 2019, saw a decrease of 8.6 percent in January 2020. Within the Las Vegas metropolitan area, Boulder City continues to see the most robust growth in existing single-family home prices as prices increased 18.5 percent year over year.  No region within the Las Vegas metropolitan area saw a year over year decrease in existing single-family home prices. The Las Vegas metropolitan area saw a year over year decrease in the distress share of about 2 percentage points. The distress share was 6 percent in the Las Vegas metropolitan area. The average price for new single-family home listings in the Las Vegas metropolitan area during January 2020 was $419,000. This represents an 8.2 percent year over year increase. Henderson saw the largest price increase in new single-family home listings (13.6 percent) of any region within the Las Vegas metropolitan area. Average prices for existing condominiums increased 6.3 percent year over year in the Las Vegas metropolitan area. Boulder City, which saw the most robust growth in single-family home prices, experienced the largest year over year decrease in condominium prices (14.0 percent). New condominium prices have increased more than 30 percent year over year for three consecutive months in the Las Vegas metropolitan area. The average price for a new condominium in January 2020 was $120,000 greater than the average price in January 2019. Nevada Housing Market Update – New Single-Family Homes and Condos New single-family home prices saw a month-to-month increase for the fifth consecutive month. At an average price of $555,000, new single-family home prices were up less than 2 percent year over year for the fifth consecutive month. Price per square foot for new single-family homes increased on a month-to-month basis for the first time since September 2019. Prices were still down 9 percent year over year. New condominium prices have increased more than 30 percent year over year for three consecutive months. The average price for a new condominium in January 2020 was $120,000 greater than the average price in January 2019. Nevada Housing Market Update – January 2020 – Existing Single-Family Homes and Condos Existing single-family home prices have seen very small month-to-month increases for nine consecutive months. Average prices were up 4.8 percent, or $16,000, year over year. Price per square foot for single-family homes has seen almost no change for over a year. Price per square foot was up 2.2 percent year over year Existing condominium price per square foot has seen little change the last four months. Price per square foot was also up 2.2 percent year over year for condominiums. REO Overall price for REO sales and price per square foot for REO sales increased for the third consecutive month. Overall price was up 7.4 percent year over year, while price per square foot was up 5.9 percent year over year. There were 90 single-family REO sales during January 2020. This represents the lowest monthly total since December 2006. Average Days on Market Average days on the market for single-family homes increased slightly for the sixth consecutive month. Time on market was up 14 percent, or 12 days, year over year. This represents 12 consecutive months with a year over year increase. Condominiums, at 90 days, spend 4 more days on the market than single-family homes. The single-family distress share increased slightly for the second consecutive month after nine consecutive months with decreases. Nonetheless, the single-family distress share decreased 3.1 percentage points on a year over year basis. New single-family listings were down more than 10 percent year over year for the third consecutive month. Top 5 Zip Codes in Average Existing Home Price #1: 89135 at $776,600 #2: 89138 at $590,000 #3: 89052 at $549,700 #4: 89144 at $509,000 #5: 891461 at $495,800 Bottom 5 Zip Codes in Average Existing Home Price #1: 89101 at $174,330 #2: 89030 at $177,000 #3: 89106 at $206,670 #4: 89115 at $207,670 #5: 89156 at $210,330 Top 5 Zip Codes in Average Existing Price Year Over Year Growth #1: 89135 at 20% #2: 89104 at 18% #3: 89123 at 14% #4: 89005 at 14% #5: 89142 at 13% Bottom 5 Zip Codes in Average Existing Price Year Over Year Growth #1: 89179 at -7% #2: 89146 at -7% #3: 89012 at -4% #4: 89145 at -4% #5: 89166 at -4% To read the entire report for January 2020, please click on the link: Nevada Housing Market Update - January 2020 For more information on The Lied Institute for Real Estate Studies at UNLV please click the link: Lied Institute for Real Estate Studies Thank you for reading our post, “Nevada Housing Market Update – January 2020.”  For more Las Vegas real estate market news, information on homes for sale, information on commercial real estate for sale, or general real estate information, please visit our website www.lasvegasrealestate.com or come see us on Facebook.   Read the full article

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Nevada Housing Market Update - December 2019

The Nevada Housing Market Update for December 2019 has just been published by The Lied Institute for Real Estate Studies at The University of Nevada Las Vegas.  LasVegasRealEstate.com is pleased to offer the report summary here as well as a link to the entire report.

Nevada Housing Market Update – December 2019 – Summary of Findings

Laughlin saw the most robust growth in single-family home prices of any major region in Nevada as prices increased 7.6 percent year over year. Mesquite saw the next largest increase with a 5.4 percent year over year increase. The Las Vegas metropolitan area saw an increase of about 4.3 percent. Within the Las Vegas metropolitan area, Boulder City saw the most robust growth in existing single-family home prices as prices increased 19.6 percent year over year. Henderson prices saw the next largest increase with a 9.2 percent year over year increase. Summerlin was the only area that saw a year over year decrease in existing home prices (4.5 percent). Time on the market has increased on a year over year basis for eleven consecutive months in the Las Vegas metropolitan area. The average price for new single-family home listings in the Las Vegas metropolitan area increased 4.8 percent on a year over year basis. Within the Las Vegas metropolitan area, Boulder City experienced the highest growth rate in new listing prices as prices increased 20.7 percent year over year. Southern Highlands was the only region where prices were down on a year over year basis (17.4 percent). Average prices for existing condominiums increased 8.1 percent year over year in the Las Vegas metropolitan area. Boulder City, which saw the most robust growth in single-family home prices, experienced the largest year over year decrease in condominium prices (9.7 percent). New condominium prices have increased more than 10 percent year over year for eleven consecutive months in the Las Vegas metropolitan area. Prices have increased more than 25 percent year over year the last 3 months, including a 55 percent increase in December 2019. Nevada Housing Market Update – New Single-Family Homes and Condos New single-family home prices saw a month-to-month increase to $546,000. Year over year price appreciation on new single-family homes continues to slow down and December 2019 prices were down slightly from December 2018 prices. This was the first year over year decrease since February 2016. Price per square foot for new single-family homes decreased on a month-to-month basis for the third consecutive month. Price per square foot was down nearly 10 percent year over year. New condominium prices have increased more than 10 percent year over year for eleven consecutive months. Prices were up over 25 percent year over year the last three months, including a 55 percent year over year increase in December 2019. Nevada Housing Market Update – December 2019 – Existing Single-Family Homes and Condos Existing single-family home prices have seen very small month-to-month increases for eight consecutive months. Average prices were up 4.4 percent, or $15,000, year over year. Price per square foot for single-family homes has seen almost no change for the last year. Price per square foot was up 2.0 percent year over year. Existing single-family home sales decreased on a year over year basis for ten out of the twelve months in 2019. December 2019 saw an 11 percent year over year decrease. Existing condominium prices saw slightly more robust growth than single-family homes as prices increased 8.0 percent year over year and price per square foot increased 4.3 percent year over year. REO The overall price for REO sales and price per square foot for REO sales increased for the second consecutive month. The overall price was up 7.7 percent year over year while the price per square foot was up 4.3 percent year over year. REO sales decreased for the seventh consecutive month. REO sales were down 16.6 percent year over year. This represents the largest year over year decrease since January 2019. Top 5 Zip Codes in Average Existing Home Price #1: 89135 at $708,000 #2: 89138 at $580,800 #3: 89052 at $545,500 #4: 89144 at $534,900 #5: 89161 at $525,000 Bottom 5 Zip Codes in Average Existing Home Price #1: 89101 at $153,330 #2: 89030 at $176,670 #3: 89115 at $205,000 #4: 89106 at $211,330 #5: 89156 at $214,330 Top 5 Zip Codes in Average Existing Price Year Over Year Growth #1: 89104 at 27% #2: 89144 at 19% #3: 89086 at 19% #4: 89118 at 18% #5: 89005 at 17% Bottom 5 Zip Codes in Average Existing Price Year Over Year Growth #1: 89107 at -9% #2: 89139 at -7% #3: 89101 at -6% #4: 89085 at -6% #5: 89179 at -5% To read the entire report for December 2019 please click on the link: Lied Institute Report – November 2019 For more information on The Lied Institute for Real Estate Studies at UNLV please click the link: Lied Institute for Real Estate Studies Thank you for reading our post, “Nevada Housing Market Update – December 2019.”  For more Las Vegas real estate market news, information on homes for sale, information on commercial real estate for sale, or general real estate information, please visit our website www.lasvegasrealestate.com or come see us on Facebook. Read the full article

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Nevada Housing Market Update - November 2019

The Nevada Housing Market Update for November 2019 has just been published by The Lied Institute for Real Estate Studies at The University of Nevada Las Vegas.  LasVegasRealEstate.com is pleased to offer the report summary here as well as a link to the entire report.

Nevada Housing Market Update – November 2019 – Summary of Findings

Laughlin saw the most robust growth in single-family home prices of any major region in Nevada as prices increased 13.8 percent year over year. Prices increased 5.0 percent year over year in the Las Vegas metropolitan area. Prices were down 3.1 percent in Mesquite. Within the Las Vegas metropolitan area, Boulder City saw the most robust growth in existing single-family home prices as prices increased 28.9 percent year over year. Henderson prices saw the next largest increase with a 9.5 percent year over year increase. Summerlin was the only area that saw a year over year decrease in home prices (3.5 percent). Laughlin was the only area that saw a year over year decrease in time on the market. Single-family homes spend about 80 days on the market in all regions of Nevada. The Las Vegas metropolitan area saw a year over year decrease in the distress share of more than 2.0 percentage points. Laughlin saw a large month-to-month increase in the distress share of more than 9.0 percentage points. New single-family home listings in the Las Vegas metropolitan area were down 6.6 percent on a year over year basis. Average prices for existing condominiums increased 6.9 percent year over year in the Las Vegas metropolitan area. North Las Vegas and Boulder City both saw increases in existing condominium prices at 11 percent, the largest increases of anywhere in the Las Vegas metropolitan area. Nevada Housing Market Update – New Single-Family Homes and Condos New single-family home prices saw a month-to-month increase to $524,000. Year over year price appreciation on new single-family homes continues to slow down and November 2019 prices were unchanged from November 2018 prices. Price per square foot for new single-family homes decreased on a year over year basis for the second consecutive month. November 2019 prices were down 5.1 percent year over year, the largest year over year decrease since March 2012. New condominium prices have increased more than 10 percent year over year for ten consecutive months. Prices were up over 25 percent year over year the last two months. Nevada Housing Market Update – November 2019 – Existing Single-Family Homes and Condos Existing single-family home prices have seen very small month-to-month increases for seven consecutive months. Average prices were up 5.0 percent, or $17,000, year over year. Price per square foot for single-family homes has seen almost no change for the last year. Price per square foot was up 2.0 percent, or $4, year over year. Existing condominium prices saw similar year over year increases as single-family homes in both overall price and price per square foot. REO The price per square foot for single-family REO sales increased after two consecutive months with decreases. The overall prices for REO sales saw a large increase after three consecutive months with decreases. The overall prices for single-family REO sales increased 7.7 percent year over year in November 2019, the largest year over year increase since February 2019. REO sales decreased for the sixth consecutive month. REO sales were down 7 percent year over year. This represents the first year over year decrease since March 2019. Top 5 Zip Codes in Average Existing Home Price #1: 89135 at $637,100 #2: 89138 at $566,800 #3: 89052 at $554,000 #4: 89144 at $521,500 #5: 89012 at $516,500 Bottom 5 Zip Codes in Average Existing Home Price #1: 89030 at $163,330 #2: 89101 at $165,000 #3: 89115 at $207,670 #4: 89106 at $208,970 #5: 89104 at $215,670 Top 5 Zip Codes in Average Existing Price Year Over Year Growth #1: 89005 at 26% #2: 89118 at 24% #3: 89106 at 15% #4: 89144 at 15% #5: 89015 at 13% Bottom 5 Zip Codes in Average Existing Price Year Over Year Growth #1: 89135 at -14% #2: 89107 at -9% #3: 89085 at -8% #4: 89179 at -8% #5: 89134 at -7% To read the entire report for November 2019 please click on the link: Lied Institute Report – November 2019 For more information on The Lied Institute for Real Estate Studies at UNLV please click the link: Lied Institute for Real Estate Studies Thank you for reading our post, “Nevada Housing Market Update – November 2019.”  For more Las Vegas real estate market news, information on homes for sale, information on commercial real estate for sale, or general real estate information, please visit our website www.lasvegasrealestate.com or come see us on Facebook. Read the full article

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Nevada Housing Market Update - September 2019

The Nevada Housing Market Update for September 2019 has just been published by The Lied Institute for Real Estate Studies at The University of Nevada Las Vegas.  LasVegasRealEstate.com is pleased to offer the report summary here as well as a link to the entire report.

Nevada Housing Market Update - September 2019 - Summary of Findings

The Las Vegas metropolitan area saw the most robust growth in single-family home prices of any major region in Nevada as prices increased 4.5 percent year-over-year. Laughlin saw the next largest increase with a 4.2 percent year-over-year increase. Within the Las Vegas metropolitan area, Southern Highlands saw the most robust growth in existing single-family home prices as prices increased 8.5 percent year-over-year. Boulder City prices saw the next largest increase with a 5.2 percent year-over-year increase. No area within the Las Vegas metropolitan area experienced a year-over-year decrease in single-family home prices.  The single-family time on the market continues to increase on a year-over-year basis for all of Southern Nevada.  The Las Vegas area has seen eight consecutive months with a year-over-year increase in time spent on the market.  The single-family distress share was down year-over-year in all of Southern Nevada. New single-family home prices decreased for the second consecutive month in Las Vegas. Year-over-year price appreciation on new single-family homes has slowed down for four consecutive months and was 1.3 percent year-over-year. Average prices for existing condominiums decreased 2.1 percent year-over-year in the Las Vegas metropolitan area. Boulder City saw the largest increase in existing condominium prices of anywhere in the Las Vegas area as prices increased 20 percent year-over-year. New Single-Family Homes New single-family home prices saw a slight month-to-month decrease to $494,000. Year-over-year price appreciation on new single-family homes has slowed down for four consecutive months and was 1.3 percent year-over-year. Price per square foot for new single-family homes saw a month-to-month increase. At $183 per square foot, prices were up less than one percent year-over-year. New single-family home sales increased for the third consecutive month. Nonetheless, sales were still down 48 percent year-over-year. Nevada Housing Market Update - September 2019 - Existing Single-Family Homes Existing single-family home prices continue to see very little month-to-month change. Average prices were up 4.5 percent, or $15,000, year-over-year. Price per square foot for single-family homes has seen almost no change since October 2018. At 3.7 percent, the price per square foot continues to see slightly more robust growth than the overall price. The average days on the market for single-family homes increased slightly for the second consecutive month. Time on the market was up 21 percent, or 14 days, year-over-year. This represents the eighth consecutive month with a year-over-year increase. Both existing condominiums and single-family homes saw a large month-to-month decrease in sales and were both down more than 15 percent year-over-year. The average new listing price for single-family homes has been around $400,000 for the last five months. New listing prices have consistently increased by about 4 percent year-over-year during this time. Existing Condominium Sales Existing condominium prices were unchanged from the previous month but decreased slightly year-over-year. This was the second consecutive month where existing condominium prices decreased on a year-over-year basis. Condominiums, at 83 days, spend 5 more days on the market than single-family homes. REO Price per square foot for single-family REO sales decreased after five consecutive months with an increase. The overall price for REO sales decreased for the second consecutive month. Overall price for single-family REO sales is down 1.8 percent year-over-year, while price per square foot is up 1.6 percent. REO sales decreased for the fourth consecutive month. REO sales were still up 20 percent year-over-year. This represents the sixth consecutive month with a year-over-year increase. Top 5 Zip Codes in Average Existing Home Price #1: 89135 at $736,700 #2: 89138 at $569,300 #3: 89052 at $524,400 #4: 89144 at $511,500 #5: 89044 at $452,000 Bottom 5 Zip Codes in Average Existing Home Price #1: 89101 at $174,670 #2: 89030 at $179,300 #3: 89115 at $214,670 #4: 89106 at $215,000 #5: 89156 at $220,330 Top 5 Zip Codes in Average Existing Price Year Over Year Growth #1: 89106 at 19% #2: 89109 at 19% #3: 89144 at 14% #4: 89148 at 13% #5: 89030 at 11% Bottom 5 Zip Codes in Average Existing Price Year Over Year Growth #1: 89134 at -7% #2: 89011 at -6% #3: 89120 at -6% #4: 89085 at -5% #5: 89103 at -5% To read the entire report for September 2019 please click on the link: Lied Institute Report – September 2019 For more information on The Lied Institute for Real Estate Studies at UNLV please click the link: Lied Institute for Real Estate Studies Thank you for reading our post, “Nevada Housing Market Update – September 2019.”  For more Las Vegas real estate market news, information on homes for sale, information on commercial real estate for sale, or general real estate information, please visit our website www.lasvegasrealestate.com or come see us on Facebook. 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Nevada Housing Market Update - July 2019

The Nevada Housing Market Update for July 2019 has just been published by The Lied Institute for Real Estate Studies at The University of Nevada Las Vegas.  LasVegasRealEstate.com is pleased to offer the report summary here as well as a link to the entire report.

Nevada Housing Market Update – July 2019 – Summary of Findings

Las Vegas prices continue to increase about 4 percent year over year. Within the Las Vegas metropolitan area, Summerlin saw the most robust price growth in existing single-family home prices as prices increased 8.0 percent year over year. Henderson, which had the highest growth in June 2019, saw the next highest price growth as prices grew 7.3 percent year over year. North Las Vegas saw the lowest year over year price growth with a 2.6 percent year over year increase. All major regions in Nevada continue to see an increase in time on the market. Laughlin homes spent the longest time on the market at 109 days, a 5 percent year over year increase. The Las Vegas metropolitan area had an average time on the market of about 75 days. Within the Las Vegas area, Boulder City homes spend the most time on the market at 99 days. The single-family distress share decreased on a month-to-month basis in the Las Vegas area which has seen five consecutive months with a decrease in the distress share. Nonetheless, the Las Vegas distress share has been up on a year over year basis for ten consecutive months. Average prices for existing condominiums increased 1.5 percent in the Las Vegas metropolitan area. North Las Vegas saw the largest increase in existing condominium prices of anywhere in the Las Vegas area as prices increased 11 percent year over year.

Las Vegas Metropolitan Area Trends - LasVegasRealEstate.com                   Single-Family Homes New single-family home prices saw a large month-to-month increase to $517,000. Year over year price appreciation on new single-family homes has slowed down for two consecutive months and was 16.6 percent year over year. Year over year price appreciation was at about 30 percent at the start of 2019. Price per square foot saw for new single-family homes saw a large increase after seeing four consecutive months with a decrease. At $177 per square foot, prices were up 4 percent year over year for the second consecutive month. Existing single-family home prices continue to see very little month-to-month change. Average existing home prices, at $350,000, were the highest they had been since October 2007. Price per square foot for single-family homes have been nearly unchanged since October 2018. At 5.2 percent, the price per square foot continues to see slightly more robust growth than overall price. Condominiums For the second consecutive month, new condominium prices saw a large month-to-month decrease. Year over year price appreciation for new condominiums, which was over 80 percent two months ago, was only 13 percent in July 2019. Existing condominium prices decreased $10,000 from the previous month. Average prices were below $200,000 for the first time since July 2018. Top 5 Zip Codes in Average Existing Home Price #1: 89135 at $669,200 #2: 89138 at $585,000 #3: 89052 at $522,700 #4: 89144 at $505,000 #5: 89012 at $457,300 Bottom 5 Zip Codes in Average Existing Home Price #1: 89431 at $173,000 #2: 89433 at $180,000 #3: 89512 at $190,670 #4: 89506 at $207,000 #5: 89508 at $227,670 Top 5 Zip Codes in Average Exiting Price Year over Year Growth #1: 89086 at 15% #2: 89002 at 14% #3: 89106 at 12% #4: 89101 at 12% #5: 89169 at 11% Bottom 5 Zip Codes in Average Existing Price Year over Year Growth #1: 89146 at -7% #2: 89119 at -3% #3: 89143 at -3% #4: 89014 at -3% #5: 89118 at -3% To read the entire Nevada Housing Market Update for July 2019 please click on the link: Nevada Housing Market Update - July 2019 For more information on The Lied Institute for Real Estate Studies at UNLV please click the link: Lied Institute for Real Estate Studies Thank you for reading our post, “Nevada Housing Market Update - July 2019.”  For more Las Vegas real estate market news, information on homes for sale, information on commercial real estate for sale, or general real estate information, please visit our website www.lasvegasrealestate.com or come see us on Facebook. Read the full article