Las Vegas Real Estate Market Update – November 2019

Las Vegas Real Estate Market Update – November 2019

How did the Las Vegas real estate market
fare for October 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.
Welcome to my monthly market update for Southern Nevada and in this issue I’m
gonna be going over October 2019. Today is Sunday November 10th and I am
at the Arbors Tennis Play Park, it is a beautiful Sunday morning. Las Vegas
weather has been absolutely gorgeous this past week, in the 70’s. Next week it’s
going to be in the 70’s as well. If you’re thinking about moving to Las Vegas that
should be one of the reasons why. The weather here, minus three months in the
summer, is absolutely gorgeous. Just had to say that before we get into how the
market did last month. Las Vegas home sales rose last month amid increasing
home prices and we are nowhere near our pre-recession prices. According to the
Greater Las Vegas Association Realtors, there were two thousand eight hundred
and ninety nine single-family homes, which always compromises the bulk of the
market, that sold in the month of October, up 5.4 percent from September and up 7.9
percent from October 2018. The median sales price of previously owned single
family homes dropped from three hundred seven thousand to three hundred ten
thousand last month, down one percent from September and up four point one
percent from the prior year. To me it’s a good sign that the sales are back up and
especially I’m not surprised because of the lower interest rates. I don’t know
how long these interest rates will continue to be this low. I know they’ve
gone up, or crept up slightly since last month.
But since next year is an election year things may change; Trump may try to
spruce up the economy. A lot of people talk about recession for 2020, lots of
experts say that the recession is going to hit. A lot of my buyers are waiting to
see what the prices are going to land on, however, the numbers don’t indicate a
recession. The numbers are indicating that we are still very strong, our market
has been the stablest it’s ever been in a very long time. When it comes to
appreciation, homes are around two to five percent. So you want to have a 2 to
5 percent appreciation that’s very stable. Southern Nevada had a total of
3,540 for new listings for the month of October, up 0.6% from September and down
7.9 percent from the prior year. However, there was a total of 7,210
single-family houses listed without offers at the end of October, down 1.7
from September and up 4.2 from the prior year. There are still again about a two
point five months of housing supply and we’ve been hovering around the two point
five two point seven months of housing supply for a very long time. I don’t even
know when it hasn’t been those two numbers. It was down 6.7% from September
and down 3.5% from the prior year. And fifty two point six percent of the
closings were on the market for 30 days or less. September the number was fifty
three point nine and October last year was sixty five point four percent. So
last year was a banner year, homes were selling the moment it goes on the market.
This year homes aren’t selling as fast as they were last year. And as I’ve said
(it’s kind of hot), as I said the only reason I think that
the homes aren’t selling as fast, is one we have a huge inventory over 8,000
homes listed but I think the homes that are selling are move-in-ready homes, that
have already been updated. People do not want to update a house, they don’t want
to buy a house that they have to fix up. That’s where the investors come in and
there’s still a lot of investors out there. It’s obvious that the Las Vegas
housing market has slowed this year compared to last year. Last year was a
crazy, crazy, crazy year I can’t say it enough.
Where the moment a house went on the market it sold within hours, sometimes
days. But if it was a nice house it sold very fast. We had very few inventory, it’s
a typical supply and demand. We had the demand but very little supply and I
think that’s what happened with our prices, or why the prices skyrocketed
last year because of very little inventory. We don’t have that problem
this year, our inventory is a lot larger than last year. The medium price is still
rising which means appreciation still rising, so in my opinion the numbers are
telling me that we are nowhere near a recession at this time. So if you’re a
buyer and you’re waiting until next year, it may not happen. I’ve had buyers for the
last three years waiting for the prices to go down and they haven’t. And with the
appreciation being two to five percent, I don’t see the prices going down. So with
the interest rates being low right now, as I’ve said in previous videos, now is a
good time to buy, if you can afford it. A lot of people talk about affordability
concerns, but if you go anywhere in the country, I have a lot of real estate
agent friends that are across the country and our medium sales price of
$307,000 is nowhere near compared to what other states are. Nationally the average
interest rate for a 30-year loan for the month of October was at 3.69% which is slightly up from September, which was at 3.61%. However, if you look at the interest rates at this time last year, it was at
4.83. So that’s huge difference, huge savings! I just refinanced
my house and I had a higher interest rate because
I’m a real estate agent, however, I just refinanced my house at 4% and I have
almost $600 savings a month; that’s almost seven thousand dollars a year.
That’s just crazy! If you’re homebuyer and you don’t want to buy a home, why not
refinance? I actually know a great lender for that. So again as I mentioned in the
beginning of this video it is the month of November, the weather has been in the
70’s all week long and next week it’s gonna be in the 70’s. Vegas has awesome
weather this time of year. I like it because it’s cold at night and in the
mornings and then in the day it’s absolutely gorgeous. If you’re thinking
about moving to Las Vegas or if you’re thinking about buying or selling a home,
you can always give me a call at 702-370-5112.
I’ve also posted a buyer and seller form down in the description below. If you’d
like to pull up the full report provided by the Greater Las Vegas Association of
Realtors, I post a link also in the description down below.
As always, if you like this video make sure you give me a thumbs up, 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’ll see you guys on the
next one. Alrighty, that wraps it up for today. I hope you’ve enjoyed this
market update, I really enjoy going out and recording this out in nature
outside. Beats being in a stuffy house. It’s a beautiful day, that’s one thing I
liked about doing my village tours, was being able to go out even if it was 115
degrees. I like being outside but who doesn’t?
I don’t know, oh, you got to pay attention I did an events video of events
happening in the Las Vegas market. You should watch that because there’s a lot
of fun and exciting events happening. I will also be posting one for December.

Author: Kevin Mason

12 thoughts on “Las Vegas Real Estate Market Update – November 2019

  1. Welcome to the November issue of my monthly market update for Southern Nevada. In this issue I will be going over October 2019 numbers.

  2. Once again Thank You for the video, and I'm jealous that the weather that you are having seems wonderful. I live in Montana presently and this morning I woke up to a temperature of 0! So I look forward to moving to Vegas, hopefully next year! And you can count on me looking you up to help me with my real estate needs! Once again Thank you.

  3. Thanks for the update Angela. So how bad does it get during the 3 months of summer? Sounds like if sellers are motivated to sell their home at top dollar–they will need to have it move-in ready to attract the buyers.

  4. Good advice for everyone who's waiting for prices to go down because you miss out on the chance to gain equity with the market being so strong.

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