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Nevada Housing Market - February 2020 - LasVegasRealEstate.com

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.

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