January 2020

December 2019 SFR closings were up 7.95% from November and up 21.14% up from December 2018.  The overall residential resale market (including residential, high rise, and multi-family sales) saw just over 42,000 resales closings for the year.  Overall 2019 market appreciation for Single Family Residential (SFR) homes was held to 5.5% over that of 2018.  So – despite a difficult start and challenges with  lending, appraisals and potential affordability issues, the Las Vegas real estate market has rebounded quite nicely with some momentum to take us into 2020. 

SFR inventory decreased to 2.3 months overall despite the increase in closings – primarily due to the lack of listings taken the last two months of the year.   Only 2,646 residential listings

The Las Vegas housing market continues to ride a wave of stability as the median price for an existing single-family home in Southern Nevada last month was just under $313,000.

That represents a 6% jump from December 2018 and a rise from about $307,000 in November of last year.

The all-time high for Las Vegas was $315,000 in June 2006, just before the recession that eventually led to area home prices bottoming out at $112,000 in 2012.

“As we begin a new year and a new decade, I think you can sum up the state of the local housing market with two words — stable and sustainable,” Blanchard said. “We ended last year with a fairly strong month of December, which is usually one of our slowest months.”

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