Las Vegas Real Estate Market Update – October 2019
Articles,  Blog

Las Vegas Real Estate Market Update – October 2019

How did the Las Vegas real estate market
fare for September 2019? Well that’s what I’m talking about today I’m starting
right now! Hey everyone welcome back to my channel I’m Angela O’Hare, a local
realtor here in Las Vegas, Nevada with The O’Hare Team. If this is your first
time here consider subscribing by clicking one of those buttons down below
and even that little bell for notifications, because I talk about a lot
of cool stuff Las Vegas related and if you’re gonna be living here, you
definitely need to know. Welcome to the October issue of my monthly market
update for Southern Nevada. In this issue I will be going over September 2019
numbers. More than 13 years after the market peaked, Las Vegas home prices came
very close to the pre-recession highs. But there was like a $5,000 difference
between the two. But the $5,000 gap is it’s actually bigger than what it
appears, especially if you take into consideration inflation. Prices remain a
long way from those days. Las Vegas was ground zero for America’s real estate
bubble in the mid 2000s marked by fast property values, booming construction, and
widespread home flipping. According to the Greater Las Vegas Association of
Realtors, the median sales price of single-family homes
peaked in June of 2006 to 315,000. But if you consider inflation today that would
be around three hundred and ninety eight thousand three hundred dollars which is
around eighty eight thousand above last month’s numbers. Southern Nevada was
ground zero for America’s greatest recession. Everything just plummeted, so
many foreclosures and short sales, that were happening back then. So just as
much as we increased the peak in 2006, we took a huge dive. And the medium sales
price for single-family homes hit its bottom
in January 2012 at a hundred and eighteen thousand, according to the
Greater Las Vegas Association of Realtors; which is the 62.5%
drop from the peak of three hundred fifteen thousand. So you’re
probably wondering what the actual medium sales price of single-family
homes was last month? The medium sales price of single-family homes, which
always compromises the bulk of the market, hit to three hundred and ten
thousand in September, which is up 1.6% from August and up 3.3% from September 2018. And if you remember last month the September number
was three hundred and five thousand, so that’s a five thousand dollar increase.
Just crazy, I just can’t believe that the medium sales price has gotten that high
and I don’t know why? I don’t know what’s selling to make it go that high. And also
according to GLVAR, there were 2,750 single-family houses that sold in
September, down 13.2% from August and up 12.9% from September 2018. Southern
Nevada also had a total number of 3,523 new listings for the month of September,
down 14.3% from August and down 5.5%
from the prior year. However, there were total number of 7,334 single-family houses listed without offers at the end
of September, down 5.6% from August and up 19.3% from the prior
year. There is still about 2.7 months of housing supply in
Southern Nevada, which is up 8.8% from August and at 5.7% from the prior
year. And as you know months of supply, as I always talked about, is a good
indicator if it’s still a buyer or seller’s market. And obviously, again with
it being at 2.7 months, it is still a seller’s market. But as I always
say, don’t let that fool you. I don’t see how the
medium sales price increased so high. It has, business has picked up a lot because
of the interest rates. I was very busy last month showing houses and closings. So
I think that may have a key factor as to why the medium sales price did increase.
And about 53.9% of the closings for the month of
September, closed within 30 days or less. Which it’s been hovering around that
number for a very long time. So we still have a lot of inventory and these houses
that aren’t selling, are houses that need a lot of work .People are buying homes
that are moving ready, they have already been updated, because people don’t have
the cash to really fix up a house just yet. So they want to buy a home that they
don’t have to do anything to. Home builders closed around ten thousand six
hundred and seventy sales in Southern Nevada last year.
Which is up just three thousand nine hundred in 2011, but nowhere near the
peak of almost thirty nine thousand sales in 2005, according to the Home
Builders Research Report. As I said last month, right now as a buyer the fall/
winter time is the best time to buy. I just worked with a cash buyer who bought
a house, it was on the market for maybe 30 days, it need a little work. It was
listed for $244,000 and we bought it for $237,000
and we were able to get him to pay a little of the closing costs.
When you’re cash buyer closing costs are very minimal. But still the point is is
that we were able to lower the price in the house by seven thousand dollars and
that’s huge. As a buyer, if you’re financing a home, not that you can lower
the price, if I were the buyer I would actually ask for the seller to pay for
all the closing costs. Because it’s gonna get appraised and if it appraises under
what you pay for it then you’re gonna renegotiate with the seller the price,
but oftentimes you know the seller if they’re desperate and they need to sell
it they’re going to take the sales price that the appraiser appraises at. So you
could get a really good deal on that end as
well. I wouldn’t double-dip it by, and what I mean by a doubled dipping is, asking
for say $10-$20,000 off the sales price. And then also asking for the seller to
pay for all of the closing costs. Because closing costs are between 2 to 3
percent of the total purchase price. So if you’re buying a $300,000 home at 2%, that’s six thousand dollars and that’s huge, huge savings. So as a buyer
and as your real estate agent I’d be able to really figure out what is the
best deal for you and how you can save money. If you would like to download the full
report provided by the Greater Las Vegas Association of Realtors, I’ve posted a link
down in description below. I hope you’ve enjoyed my monthly market update for
October 2019. I’m Angela O’Hare a local realtor here in Las Vegas, Nevada with
The O’Hare Team and I’m always here to answer all your real estate needs. You
can reach me at 702-370-5112. And as always, if
you like this video be sure to hit that thumbs up button, leave a comment down
below, share with a friend, and consider subscribing to my channel if you’re
interested in learning everything and anything about the Las Vegas Valley.
Thank you so much for watching and I hope to see you guys on the next one.


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