Greater Las Vegas Market Update FOR August 2019
July 2019 closings improved slightly and the overall market remains stable with the luxury market segment continuing to be very strong.
The Greater Las Vegas residential real estate market continues to lag about 7% from last year.
- SFR inventory dropped to 2.6 months overall due to the improvement in closed sales over last month.
- The high rise market segment has been flat but we are expecting significant improvement when the Raiders stadium nears completion.
- Condo and town-home sales are still at 2016 levels so now may be the time to buy!
The average closed sales price of an SFR rose from $353,893 to $359,411 for a 1.6% increase.
Multiple closely watched mortgage rates ticked downward recently. The average rates on 30-year fixed and 15-year fixed mortgages both dropped. The average rate on 5/1 adjustable-rate mortgages, or ARMs, the most popular type of variable rate mortgage, also declined. The average rate for a 30-year fixed mortgage is 3.81 percent, a decrease of 6 basis points since the same time last week.
At the current average rate, you’ll pay principal and interest of $466.53 for every $100,000 you borrow. That’s $3.42 lower compared with last week.
Important to know is that BOTH the median and average closed sales prices of an SFR in the Las Vegas valley remain below the 2006 peak so now is a great time to be a buyer or a seller!
CONNECT WITH US
Call us at 702-919-5400 or fill out our Contact Form.