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Nevada Housing Market Update - December 2019 - LasVegasRealEstate.com

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.

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