Nevada Housing Market - March 2020 - LasVegasRealEstate.com

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.

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