Las Vegas Housing Stats September 2019 –
First, please click on the link Las Vegas Housing Stats September 2019 for the full report so you have a visual to follow along with.
- The median price point for sold homes in September 2019 was $310,000. This is up a slightly from last month and a 3.3% increase from September 2018.
- The number of homes sold in September 2019 was 2,750, which was a decrease of 14.3% from August 2019, and an increase of 12.9% from September 2018.
- The number of new listings that came on the market in September 2019 was 3,523. This is down by 14.3% from the previous month and down 5.5% from September 2018.
- The number of available homes listed without offers in September 2019 was 7,334. This is down 5.9% from August 2019, but a hefty increase of 19.3% from September 2018.
- Time on market for homes sold: 0-30 days was 53.9%, last year at this time it was 70.1%. 31-60 days was 21.6% which was relatively unchanged from last month, but up from 16.5% in September 2018. 61-90 days was at 11.4%, slightly down from the previous month, but up from last September of 6.9%. 91-121 days was up slightly from last month to 6.7% and up over double from 3.1% of September 2018. For 121+ days the number was down from last month, however, it was up almost double again at 6.5% compared to September of 2018 at 3.3%.
Continued signs of Stability –
A stable market is one in which the numbers stay consistent for several months in a row and when the market had about a 6-month supply of inventory. Right now, Las Vegas still has less than a 3-month supply of homes (inventory), however, our numbers have been relatively unchanged for the last several months, expect in a few key areas, which, in my opinion are important. The first is the number of homes that are available without offers, this number is at 7,334, up 19.5% from September 2018. This number has been staying relatively consistent over the last several months. However, when you compare it to the fall season of 2018, this number has gone up.
The second area to look at is how long properties are staying on the market. The bottom 2 tiers of 91-120 days, and 121+ days have basically doubled, and the first tier of 0-30 days is down over 16% from 70.1% in September 2018 to 53.9% in September 2019. With the middle tiers also gaining in numbers as well. What this stat basically means is that it is taking longer for properties to sell!
The median price point for the Las Vegas Market is at $310,000 –
The median price point of $310,000 is a 3.3% increase from September 2018. Last month the median price point for the Las Vegas Market was at $305,000. This is still the smallest year-over-year increase since June 2012. The current Las Vegas Median Price point is only $5k away from when pricing peaked out at $315,000 in June of 2006. The Las Vegas Market has also seen a slowdown in 2019 with the number homes that have been selling versus last year. The slowdown is also being felt in the number of homes listed without an offer when compared to last year at this time, which I explained previously. A quick recap of these specific numbers; September 2019 was up 19.3%, August 2019 was up 33.5%, July 2019 was up 63.1%, and June 2019 it was up by 80.3%.
In a nutshell, the Las Vegas market inventory is up from a year ago, however, this number has been consistent over the last several months. At the current sales pace, the Las Vegas Valley has less than a 3-month supply of inventory.
GLVAR reported that properties purchased in September with cash were at 23%, which is down from 24.8% in September 2018 and down from the peak of 59.5% in February 2013. And the number of distressed sales, short sales, and foreclosures combined is at 2.0% from 2.5% a year ago and 5.2% two years ago.
(Click here or on Picture for full 8 page report.)
