Las Vegas Real Estate Market Update – August 2019

Las Vegas Real Estate Market Update – August 2019


So, how did the Las Vegas real estate
market fare for July 2019? Well that’s what I’m talking about today and I’m
starting right now! Hey everyone welcome back to my channel I’m Angela O’Hare a
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. So, welcome to my monthly market update for Southern
Nevada. In this issue I will be going over July 2019 numbers. So I thought I’d
do something different today and film this outside. I’m actually right now in
Sun City, it’s a beautiful day out. Still summer, still hot, but get tired of being
inside all the time and after the summer doing all my video tours of Summerlin, kind of missed being on the outside. The Las Vegas housing market did have a
bump in sales last month compared to June, however, it’s nothing like it was
last year. According to the Greater Las Vegas Association of Realtors, there were
3,159 single-family houses that sold last month, up 8.8%
from June and down point .8% from July 2018. And the medium sales
price have previously owned single-family homes, which compromises
the bulk of the market, dropped from $304,000 to $303,000, down .3% from the previous month and up
4.5% from the prior year.
Southern Nevada had a total of 4,123
new listings for the month of July, down 2% from June and up 6.6% from the prior year. However, there are a total number of 7,808 single-family houses that did not sell
at all last month. down .1% from June
up 63.1% from the prior year. There’s still about 2.7 months of
housing supply and this number hasn’t really changed in a long time, it’s
hovering always between 2.5 and 2.7 and as I’ve
discussed in previous videos months of supply is a good indicator if it’s
either a buyer or seller’s market. So it’s still a good indicator that it’s a
seller’s market, however, as I’ve said numerous times in the last several
months is that homes are staying on the market a lot longer because, one they are
in poor condition, they need some updating and two that they are
overpriced. At the same token about 57.6% of the listings
sold within the first thirty days. Last year I remember it being about 80%
of the listings were selling in the first thirty days. Now it’s about 60%, so that’s telling me that homes are still overpriced.
I think what’s gonna happen now is that with the whole new election coming up
and Donald Trump trying to get the feds to lower the interest rate, I think
people are waiting now to see what the interest rates are going to be.
I mean interest rates are the lowest they’ve ever been in a very long time and
if I was a buyer I would take advantage of these interest rates. I have one
client that was gonna do an FHA loan for 3.8. I haven’t heard 3.8 in a very long time. I’m gonna refinance my house so I can take
advantage of these lower interest rates. So basically what does this all mean? In
the scheme of things that you know yes we are appreciating but we’re not
appreciating as fast as we were in years past and to be in a normal market you,
know normal appreciation is about two to five percent and that’s where we are
right now. So I think I read somewhere in the review journal that this is the
first time in twenty years that the real estate market in Las Vegas has been the
most stable. So you know, I think that next year it really is gonna start
picking up. I have a lot of clients that are waiting to list their homes, I have a
lot of clients that are waiting to buy until next year because of the fear of
uncertainty. I don’t think there’s gonna be a crash, I don’t think anything’s
gonna happen. We have the Raiders coming next year and
with everyone exiting Southern California, California, Seattle and Denver
I think that we are still gonna be pretty strong in the real estate market
really. There’s really not much else to discuss, you know it was a relatively easy month just with
a slight increase, it’s a not much discuss, this video is gonna be very
short. Unheard of for me. Most of my market updates are pretty long, 11
minutes or so, but it is what it is. And hopefully I can’t wait for the summer to
be over for fall selling to happen. If you’d like to download the full report
provided by the Greater Las Vegas Association of Realtors, I’ve post a link to
it down in the comments below. Also if you’re thinking about buying or selling
in the Las Vegas area you can always give me a call at 702-370-5112 or I’ve posted a link down in the description for a
buyer/seller form that you can click on. As always, if you like this video be sure
to hit the 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 area. Thank you so much for
watching today and I’ll see you guys on the next one.

13 thoughts on “Las Vegas Real Estate Market Update – August 2019

  1. Welcome to the August issue of my monthly market update for Southern Nevada. In this issue I will be going over July 2019 numbers. This should be a relatively short market update, compared to months past.

  2. Great update. We've seen similar dynamics in Reno, but on a much smaller scale. Our median for July came in at $378K with 50% of our inventory under contract, which is high. Dynamics vary widely by price point, though.

  3. Great market update as always! Good idea to shoot the video outside since it's beautiful weather

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