Nevada Housing Market Update for August 2020, presented by LasVegasRealEstate.com and published by The Lied Center for Real Estate 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 2020 – Summary of Findings
Laughlin and Mesquite both saw increases in single-family home prices greater than 10 percent. The Las Vegas metropolitan area saw an increase of 5 percent.
Nearly all regions within the Las Vegas metropolitan area experienced year over year increases in existing single-family home prices of 5 percent. Summerlin saw the most robust growth existing home prices as prices increased 9.2 percent year over year.
Existing single-family home sales are down more than 10 percent year over year across all of Nevada. Existing home sales are down 28 percent year over year in the Las Vegas metropolitan area.
The Las Vegas metropolitan area continues to see record levels in average new listing prices. The average new listing price in August 2020 was $454,000, which represents a year over year increase of 13.4 percent. Southern Highlands saw the largest year over year increase in average new listing prices at 36 percent.
Most regions in Nevada are seeing a distress share lower than their prerecession value. The distress share was less than 3 percent in the Las Vegas metropolitan area.
Existing condominium prices decreased by 1.5 percent year over year in the Las Vegas metropolitan area.
Existing condominium sales decreased by 30 percent year over year in the Las Vegas metropolitan area.
Nevada Housing Market Update – August 2020 – New Single-Family Homes and Condos
Price per square foot for new single-family homes has seen almost no month-to-month or year-over-year change for seven consecutive months.
Overall price increased on a month-to-month basis for the fifth consecutive month and increased on a year over year basis for the third consecutive month. New home prices were up 7 percent year over year, which is the largest year-over-year increase since May 2019.
New condominium sales were down 70 percent year over year for the fifth consecutive month. New single-family home sales were down 40 percent year over year.
New condominium prices have increased by more than $10,000 on a month-to-month basis for the last three months. Prices increased on a year over year basis for the first time since March 2020.
Nevada Housing Market Update – August 2020 – Existing Single-Family Homes and Condos
Average existing single-family home prices increased $5,000 from the previous month. This was the largest month-to-month increase since October 2018. Average existing prices have increased by less than 3 percent year over year for eight consecutive months.
Existing single-family sales increased on a month-to-month basis for the first time in a year. Nonetheless, sales were down nearly 40 percent year over year.
Price and sales trends for existing condominiums were very similar to that of single-family homes. Existing condominium prices were up just slightly year over year and sales were down 43 percent year over year.
Nevada Housing Market Update – August 2020 – REO
Single-family REO price per square foot, at $165, saw a large month-to-month increase after consistently being around $155 for the last 12 consecutive months. Overall price for single-family REO sales has increased for five consecutive months.
REO sales decreased for the sixth consecutive month and saw a large 50 percent year over year decrease for the fifth consecutive month. REO sales were lower than their prerecession value.
Average Days on Market
Average time on the market has seen little month-to-month change for both condominiums and single-family homes since March 2020. Condominiums spent an average of 83 days on the market while single-family homes spent an average of 77 days on the market.
Top 5 Zip Codes in Average Existing Home Price
#1: 89135 at $792,300
#2: 89004 at $715,000
#3: 89138 at $641,300
#4: 89109 at $641,000
#5: 89052 at $550,000
Bottom 5 Zip Codes in Average Existing Home Price
#1: 89030 at $187,330
#2: 89101 at $193,330
#3: 89106 at $201,670
#4: 89104 at $235,330
#5: 89142 at $248,000
Top 5 Zip Codes in Average Existing Price Year Over Year Growth
#1: 89109 at 38%
#2: 89145 at 19%
#3: 89012 at 17%
#4: 89011 at 17%
#5: 89113 at 15%
Bottom 5 Zip Codes in Average Existing Price Year Over Year Growth
#1: 89148 at -4%
#2: 89142 at -4%
#3: 89169 at -3%
#4: 89030 at -3%
#5: 89004 at -3%
To read the entire report for August 2020, please click on the link: Lied Center for Real Estate Full Report
For more information on The Lied Center for Real Estate at UNLV please click the link: Lied Center for Real Estate
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