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Nevada Housing Market Update for September 2020

06 November, 2020

Las Vegas Housing Market Sentiment – 4th Quarter 2020

20 October, 2020

Nevada Housing Market Update for September 2020

Nevada Housing Market Update for September 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 – September 2020 – Summary of Findings

Washoe County saw the most robust growth in single-family home prices of any major region in Nevada as prices increased 20.9 percent year over year. Laughlin, Mesquite, and Carson City County all saw increases greater than 10 percent. The Las Vegas metropolitan area saw an increase of 7.4 percent.

Summerlin and Henderson saw the most robust growth in existing single-family home prices of anywhere in the Las Vegas metropolitan area as prices for both areas increased 13 percent year over year. North Las Vegas, which saw a year over year increase of 3.3 percent, had the lowest price appreciation.

Laughlin was the only region in Nevada where existing home sales were up year over year. Existing home sales are down 32 percent year over year in the Las Vegas metropolitan area and down 17 percent year over year in Washoe County.

The Las Vegas metropolitan area saw a 13 percent year over year increase in new single-family home prices and Washoe County saw a 23.5 percent year over year increase in new single-family home prices. Washoe County saw a 27 percent year over increase in new single-family home sales.

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 and less than 1 percent in Washoe County.

Existing condominium prices were unchanged year over year in the Las Vegas metropolitan area but increased by 30 percent year over year in Washoe County.

Existing condominium sales decreased by 34 percent year over year in the Las Vegas metropolitan area and decreased by 20 percent year over year in Washoe County.

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

Price per square foot for new single-family homes, which saw almost no change for seven consecutive months, increased $9 from the previous month and was up 6 percent year over year.

Overall price increased on a month-to-month basis for the sixth consecutive month and increased on a year over year basis for the fourth consecutive month. New home prices were up 13 percent year over year, which is the largest year-over-year increase since November 2017.

New condominium sales saw a slight month-to-month increase while new single-family homes saw a slight month-to-month decrease. Both home types saw large year over year decreases.

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

Average existing single-family home prices increased more than $5,000 from the previous month for the third consecutive month. Year over year price appreciation has gradually increased for the last six months and was over 7 percent in September 2020.

Las Vegas Existing Home Prices – September 2020 – LasVegasRealEstate.com

Existing single-family sales saw a large decrease after two consecutive months with large increases. Sales have been down more than 20 percent year over year for five consecutive months.

Existing condominium prices have seen little month-to-month change for six consecutive months, as prices have consistently been around $225,000. Prices were nearly unchanged on a year over year basis.

Nevada Housing Market Update – September 2020 –  REO

Overall price and price per square foot for single-family REO sales both saw month-to-month increases and both were up over 10 percent year over year.

REO sales decreased for the seventh consecutive month and saw a large 50 percent year over year decrease for the sixth consecutive month. REO sales were lower than their prerecession value.

The share of single-family homes sold under distress, at 2.3 percent, continues to be lower than its 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 76 days on the market.

Top 5 Zip Codes in Average Existing Home Price

#1: 89135 at $791,800

#2: 89138 at $640,100

#3: 89012 at $606,300

#4: 89052 at $587,000

#5: 89144 at $575,300

Bottom 5 Zip Codes in Average Existing Home Price

#1: 89101 at $184,670

#2: 89030 at $196,670

#3: 89106 at $200,870

#4: 89115 at $231,330

#5: 89104 at $241,000

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

#1: 89012 at 37%

#2: 89011 at 28%

#3: 89134 at 21%

#4: 89141 at 21%

#5: 89102 at 18%

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

#1: 89148 at -6%

#2: 89118 at -2%

#3: 89142 at -1%

#4: 89135 at 0%

#5: 89032 at 0%

To read the entire report for September 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

Thank you for reading our post, “Nevada Housing Market Update – September 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.

Nevada Housing Market Update – August 2019

Nevada Housing Market Update – June 2020

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