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 were taken in December; that’s about half the listings taken in December 2018. Again, there is a wide variance from community to community – ranging from 1 to 44 months of inventory – depending upon the specific community.
The Days on Market is currently at 45 days because over 2019 the average days from list to close has increased to about 46 days. Inventory priced correctly sells as expected, but improperly priced listings continue to languish on the market – even when there are multiple price reductions!
The median closed sales price of an SFR reached a high water mark for December 2019 at $312,745 for a 1.87% increase from November. Similarly, the average closed sales price of an SFR went from $365,327 to $369,314. That’s only a 1.09% increase but it is the highest monthly average closed sales price for 2019.
Lastly we saw an increase in both 1031 Tax Deferred Exchanges as well as Owner Will Carry transactions in 2019.
Reports available here: https://fbarbee.files.wordpress.com/2020/01/equitytitlemarketsnapshot-indivcharts-2019-dec.pdf
Team Leader, The Tonnesen Team
Berkshire Hathaway HomeServices, Nevada
3185 St Rose Pkwy #100 Henderson, NV 89052
With over 30 years of experience helping families call Las Vegas "home!"