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Nevada Housing Market Update 2 - August 2019 - LasVegasRealEstate.com

Nevada Housing Market Update – August 2019

The Nevada Housing Market Update for August 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 – August 2019 – Summary of Findings

The Las Vegas metropolitan area saw the second-highest year-over-year increase of 3.3 percent representing the second-best performance in Nevada. Only Mesquite faired better increasing 10.2 percent.

Within the Las Vegas metropolitan area, Southern Highlands saw the most vigorous price growth in existing single-family home prices with prices increasing 8.0 percent year-over-year. Summerlin, which saw the most growth last month, saw prices increase 6.2 percent. No area within the Las Vegas metropolitan area experienced a year-over-year decrease in single-family home prices.

The single-family time on market increased on a year-over-year basis for homes in the Las Vegas area spending an average of 77 days on the market.

The single-family distress share was down year-over-year in all major regions except the Las Vegas area. The Laughlin distress share was 0 percent for the second time in 2019.
The Las Vegas metropolitan area continues to see about 4,000 new single-family listings each month with an average listing price of $400,000. Average prices for existing condominiums in the Las Vegas metropolitan area were unchanged. North Las Vegas saw the largest increase in existing condominium prices anywhere in the Las Vegas area as prices increased 12 percent year-over-year. Summerlin saw an unusual decrease in condominium prices of 15 percent.

Las Vegas
Metropolitan
Area
Home TypeAugust 2019Year over Year
% Growth
Average New Home PriceCondo

Single Family Home
$373,000

$642,230
14.18%

27.09%
Average Existing Home PriceCondo

Single Family Home
$314,770

$481,670
1.43%

.63%
Average Days on MarketCondo

Single Family Home
80

73
25%

9%

Nevada Housing Market Update for Single-Family Homes

New single-family home prices saw a slight month-to-month decrease to $497,000. Year-over-year price appreciation on new single-family homes have slowed down for three consecutive months and was 4.2 percent year-over-year. This has been the lowest year-over-year increase since May 2018. Price per square foot for new single-family homes had a slight decrease as well. At $176 per square foot, prices are down about one percent year-over-year. This is the first decrease since March 2016.

Existing single-family home prices continue to see very little month-to-month change. Average prices were up 3.3 percent, or $11,000 year-over-year. Price per square foot for single-family homes was unchanged from the previous. At 3.7 percent, the price per square foot continues to see slightly more robust growth than overall price.

Both existing condominiums and single-family homes saw a large month-to-month decrease in sales and were both down more than 20 percent year-over-year.

Nevada Housing Market Update for Condominiums

New condominium prices increased after seeing two consecutive months with large decreases. Year-over-year price appreciation for new condominiums, which was over 80 percent three months ago, was only 14 percent in August 2019. Price per square foot for condominiums was down 9 percent year-over-year for the second consecutive month.

Existing condominium prices increased slightly from the previous month but decreased slightly year-over-year. Existing condominium price per square foot increased $4 from the previous month but decreased 2.8 percent year-over-year.

REO

Price per square foot for single-family REO sales increased for the fifth consecutive month. Overall price for REO sales decreased after seeing four consecutive months with increases. Overall
price for single-family REO sales is down 1.4 percent year-over-year, while price per square foot is up 2.2 percent. REO sales decreased for the third consecutive month. REO sales were still up 17 percent year-over-year. This represents the fifth consecutive month with a year-over-year increase.

Top 5 Zip Codes in Average Existing Home Price

#1: 89004 at $738,000

#2: 89135 at $693,000

#3: 89161 at $677,000

#4: 89138 at $577,000

#5: 89144 at $511,700

Bottom 5 Zip Codes in Average Existing Home Price

#1: 89030 at $178,670

#2: 89101 at $190,830

#3: 89106 at $199,400

#4: 89115 at $217,330

#5: 89156 at $221,670

Top 5 Zip Codes in Average Exiting Price Year over Year Growth

#1: 89161 at 21%

#2: 89101 at 14%

#3: 89086 at 14%

#4: 89030 at 13%

#5: 89110 at 12%

Bottom 5 Zip Codes in Average Existing Price Year over Year Growth

#1: 89135 at -9%

#2: 89146 at -7%

#3: 89011 at -3%

#4: 89129 at -2%

#5: 89134 at -2%

To read the entire report for August 2019 please click on the link: Lied Institute Report – August 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 – August 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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