Nevada Housing Market Update – April 2020

Nevada Housing Market Update– April 2020

The Nevada Housing Market Update – April 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 – April 2020 – Summary of Findings

Mesquite saw the most robust growth in single-family home prices of any major region in Nevada as prices increased 4.1 percent year over year. The Las Vegas metropolitan area saw almost no change in single-family home prices. Laughlin saw a decrease of 3.6 percent.

Within the Las Vegas metropolitan area, Southern Highlands saw the most robust growth in existing single-family home prices as prices increased 10.6 percent year over year.

Existing single-family home sales were down month-to-month in the Las Vegas metropolitan area. On a year over year basis, home sales were down 8 percent in the Las Vegas area.

The distress share hit pre-recession levels in the Las Vegas metropolitan area with several zip codes seeing no distress sales.

New single-family listings typically see large month-to-month increases each year in April. The Las Vegas metropolitan area saw a large month-to-month decrease in new single-family home listings. New single-family home listings are down more than 10 percent year over year.

Existing condominium prices decreased 3 percent year over year in the Las Vegas metropolitan area.

New condominium sales were down 72 percent year over year in the Las Vegas metropolitan area and reached their lowest recorded value. Prices for new condominiums were down 25 percent year over year.

Nevada Housing Market Update – April 2020 –  New Single-Family Homes and Condos

New single-family home prices saw a month-to-month decrease for the second consecutive month. Nonetheless, prices were up over 12 percent year over year for the second consecutive month.

Price per square foot also decreased on a month-to-month basis and was down on a year over year basis for the seventh consecutive month.

New condominium sales were down 72 percent year over year and reached their lowest recorded value.

New condominium prices saw a large month-to-month decrease for the third consecutive month. Both overall price and price per square foot were down over 25 percent year over year.

Nevada Housing Market Update – April 2020 – Existing Single-Family Homes and Condos

Average Existing Home Prices for Las Vegas Area - April 2020 - LasVegasRealEstate.com

Existing single-family home prices continue to see almost no month-to-month change. Average existing home prices have increased less than 1 percent year over year for three consecutive months.

Existing single-family sales saw a large month-to-month decrease and were the lowest they had been since April 2016.

Overall, price and price per square foot for existing condominium sales saw a slight month-to-month decrease while year over year decreased as well. This was the first time since February 2017 that prices for existing condominiums were down on a year over year basis.

Nevada Housing Market Update – April 2020 –  REO

Single-family REO prices decreased on a month-to-month basis for the second consecutive month. On a year over year basis, prices were up 12.3 percent. This represents the largest year over year increase since September 2018.

REO sales saw a large 52 percent year over year decrease and were the lowest they had been since September 2006.

Average Days on Market

Average time on the market for single-family homes decreased on a month-to-month basis after eight consecutive months with increases. Time on market was also down on a year over year basis for the first time since January 2019.

The average new listing price of single-family homes decreased on a month-to-month basis after six consecutive months with increases. Condominiums continue to see 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, which typically increase each year in April, were down slightly from March 2020. New listings were down 21 percent year over year, the largest decrease since August 2012.

The distress share saw a one-percentage-point month-to-month decrease and nearly a five-percentage point year over year decrease. At about 3 percent, the distress share was the lowest it had been since pre-recession.

Top 5 Zip Codes in Average Existing Home Price

#1: 89135 at $731,300

#2: 89138 at $593,800

#3: 89052 at $527,700

#4: 89141 at $498,100

#5: 89134 at $466,300

Bottom 5 Zip Codes in Average Existing Home Price

#1: 89030 at $184,900

#2: 89106 at $216,670

#3: 89115 at $226,330

#4: 89107 at $228,670

#5: 89104 at $236,000

Top 5 Zip Codes in Average Existing Price Year Over Year Growth

#1: 89106 at 24%

#2: 89143 at 16%

#3: 89110 at 13%

#4: 89030 at 12%

#5: 89128 at 11%

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

#1: 89148 at -12%

#2: 89149 at -8%

#3: 89012 at -5%

#4: 89084 at -4%

#5: 89146 at -3%

To read the entire report for April 2020, please click on the link: Nevada Housing Market Update – April 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 – April 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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