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Nevada Housing Market – February 2020

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Nevada Housing Market – January 2020

The Nevada Housing Market – January 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 – January 2020 – Summary of Findings

The Las Vegas metropolitan area saw an increase of 4.8 percent. Mesquite saw a 5.5 percent year over year increase. Laughlin, which saw a large increase in December 2019, saw a decrease of 8.6 percent in January 2020.

Within the Las Vegas metropolitan area, Boulder City continues to see the most robust growth in existing single-family home prices as prices increased 18.5 percent year over year.  No region within the Las Vegas metropolitan area saw a year over year decrease in existing single-family home prices.

The Las Vegas metropolitan area saw a year over year decrease in the distress share of about 2 percentage points. The distress share was 6 percent in the Las Vegas metropolitan area.

The average price for new single-family home listings in the Las Vegas metropolitan area during January 2020 was $419,000. This represents an 8.2 percent year over year increase. Henderson saw the largest price increase in new single-family home listings (13.6 percent) of any region within the Las Vegas metropolitan area.

Average prices for existing condominiums increased 6.3 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 (14.0 percent).

New condominium prices have increased more than 30 percent year over year for three consecutive months in the Las Vegas metropolitan area. The average price for a new condominium in January 2020 was $120,000 greater than the average price in January 2019.

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

New single-family home prices saw a month-to-month increase for the fifth consecutive month. At an average price of $555,000, new single-family home prices were up less than 2 percent year over year for the fifth consecutive month.

Price per square foot for new single-family homes increased on a month-to-month basis for the first time since September 2019. Prices were still down 9 percent year over year.

New condominium prices have increased more than 30 percent year over year for three consecutive months. The average price for a new condominium in January 2020 was $120,000 greater than the average price in January 2019.

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

Existing single-family home prices have seen very small month-to-month increases for nine consecutive months. Average prices were up 4.8 percent, or $16,000, year over year.

Price per square foot for single-family homes has seen almost no change for over a year. Price per square foot was up 2.2 percent year over year

Existing condominium price per square foot has seen little change the last four months. Price per square foot was also up 2.2 percent year over year for condominiums.

REO

Overall price for REO sales and price per square foot for REO sales increased for the third consecutive month. Overall price was up 7.4 percent year over year, while price per square foot was up 5.9 percent year over year.

There were 90 single-family REO sales during January 2020. This represents the lowest monthly total since December 2006.

Average Days on Market

Average days on the market for single-family homes increased slightly for the sixth consecutive month. Time on market was up 14 percent, or 12 days, year over year. This represents 12 consecutive months with a year over year increase.

Condominiums, at 90 days, spend 4 more days on the market than single-family homes.

The single-family distress share increased slightly for the second consecutive month after nine consecutive months with decreases. Nonetheless, the single-family distress share decreased 3.1 percentage points on a year over year basis.

New single-family listings were down more than 10 percent year over year for the third consecutive month.

Top 5 Zip Codes in Average Existing Home Price

#1: 89135 at $776,600

#2: 89138 at $590,000

#3: 89052 at $549,700

#4: 89144 at $509,000

#5: 891461 at $495,800

Bottom 5 Zip Codes in Average Existing Home Price

#1: 89101 at $174,330

#2: 89030 at $177,000

#3: 89106 at $206,670

#4: 89115 at $207,670

#5: 89156 at $210,330

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

#1: 89135 at 20%

#2: 89104 at 18%

#3: 89123 at 14%

#4: 89005 at 14%

#5: 89142 at 13%

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

#1: 89179 at -7%

#2: 89146 at -7%

#3: 89012 at -4%

#4: 89145 at -4%

#5: 89166 at -4%

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