Las Vegas Real Estate Market Update – September 2019

Las Vegas Real Estate Market Update – September 2019

How did the Las Vegas Real Estate Market
fare for August 2019? Well that’s what I’m talking about today
and we’re starting right now! Hey everyone welcome back to my channel, I’m
Angela O’Hare a local realtor here in Las Vegas,
Nevada with The O’Hare Team. Welcome to my monthly market update for Southern
Nevada. Today I will be going over August 2019 numbers. Before I get
started with the numbers, I just really wanted to talk about what’s going on
with the real estate market right now. Basically the interest rates are at
their all-time lows, they’re lower than they have been in the last two years. So,
my question is, is if you were thinking about buying, why are you not? There is at
least 8,000 homes available, the interest rates are really low; granted people
think that the prices are going to be going down, that there’s gonna be a crash,
there’s all this talk about recession. But unfortunately we don’t know if there’s
gonna be a recession and I seriously doubt the interest rates are going to go
below 3%. So right now, what we’ve been seeing a trend in Las Vegas, is that we
have been seeing a two to five percent appreciation in the medium sales price.
So the medium sales price has been going up and people are waiting till next year
to buy because they think that everything’s gonna go down. I don’t see it happening.
Right now, this season, the fall season is the best time to buy. We don’t know
what’s gonna happen with interest rates, there is an election year, there’s a lot
happening and why live your life with fear of uncertainty? We don’t know what’s
gonna happen, no one can predict the future and everyone can analyze things,
but right now why not take advantage of this very low interest rate? Next year it
could be back up to four point five like it was from a year ago.
Just makes sense in my opinion. Anyway, I just wanted to, you know say that before
we dove into the numbers. Our streak is over, Southern Nevada is no longer the
fastest growing city with home prices. Phoenix actually surpassed us, which is
fine. Phoenix is a big big city. Comparable in a way to the Las Vegas
market but in a very grand scale. A lot of people want to move to Phoenix now
because their prices are just a tad bit lower, however, people don’t realize that
Phoenix still has state income tax. Unlike Nevada we have no state income
tax and our property taxes are pretty low. I’m not sure how the property taxes are
for Phoenix, but I know that in Southern Nevada our property taxes are very
reasonable. And I also want to clarify where I get my numbers from. I get all my
numbers from the greater Las Vegas Association of Realtors and as a realtor
I listen to a lot of other agents market updates and half the time they’re never
correct, I don’t even know where they’re getting their figures from. But I know
that my figures are 100% accurate because they come from the Greater Las
Vegas Association of Realtors. so just food for thought on that one, that my
numbers are 100% accurate. So. according to GLVAR, 3,168 houses sold for the month
of August, up 0.3% from July and up 3.1% from August 2018. And the
medium sales price a previously owned single family homes, which always
compromises the bulk of the market, increased from $303,000 to $305,000. up .7% from the
previous month and up 3.4% from the prior year. So it’s very
important to remember, so last year our medium sales price was not this high, I
think it was hovering between the $290 to $299 range and now it’s at $305. So like I’ve
said in the beginning in this video, we are still going up not, as fast as we
were last year; however, the interest
rates are lower than they were last year. So now is the time to buy, there’s over
8,000 homes to choose from, as your agent I can get you a great deal, either lower
in price. But the key factor is actually getting the sellers to pay for all the
closing costs and that’s where the savings really begins. Southern Nevada
had a total of 4,113 new listings for the month
of August, down .2% from July and down 4.3%
from the prior year. However, there are a total number of 7,766 single-family homes that do not sell last month, down
point .5% from July and up 33.5% from the
prior year. And again there’s still about a 2.5 months of housing
supply on the market and as I mentioned in last month’s video, we’ve been
hovering around 2.5 and 2.7 percent for a very long time.
I don’t even remember when it hasn’t been that number. Again as I said in
previous videos, months of supply is a good indicator if it’s really a seller
or buyers market. Obviously because the months of supplies on the lower end
that’s still an indicator that it is a seller’s market, however, don’t let that
fool you. Because of the amount of inventory we have on hand, buyers can
score some really great deals. Did I mention those interest rates? And
52.4% of the closings last month we’re on the market
for 30 days or less. And that’s been hovering around that number as well. That
means that houses aren’t selling as fast as they were from a year ago, last year
as I mentioned in last month’s video they were hovering around 80%
of the houses were selling in the first 30 days. So again that’s an indicator of
what? The houses are priced, overpriced or these houses need some work and they’ve
been on the market for a long time because they can’t compete with the
houses that are moving ready. So really this month, was a good month, it was a
very good month and I foresee it to continue to be going
up and being better. Again I think one of the key factors is the interest rates
being a lot lower than what they have been. If I were you I would take
advantage of, it either refinance your home or buy a home. It’s a great time to
buy right now, I’m telling you. Especially the fall and winter time, a lot of people
think listing your home during the spring season is good and people buy and
yes it’s great; April, May, and June are the best time to sell your home. However,
as a buyer the best time to buy is actually the fall and winter season
because there’s not much competition. Not too many people are out buying, no one
wants to buy during this time and so there’s not much competition, you can
really, really score some deals. I’ve helped out numerous clients during this
season, get some really great deals. Either lowering the price or asking for
the sellers to pay for all the closing costs. Not much else to say about what’s
going on in the real estate market. Again last month was a great month and I don’t
see it for the rest of the season going down. So that’s about it for this monthly
market update not too much really else exciting is happening. If you’d like to
download the full report provided by the Greater Las Vegas Association of
Realtors, I’ve provided a link down in the description below. Also, if you’re
thinking about buying or selling in the Las Vegas area, I posted a link to a
buyer and seller form down below. It’s a beautiful Sunday, finally fall is here,
the weather is cooling down thankfully. I love my mornings, I love my evenings and
I hope you guys enjoy it. I’m Angela O’Hare a local realtor here
in Las Vegas, Nevada with The O’Hare Team. And I’m here to help you with all your
real estate needs. And as always if you like this video be sure to you know give
me a thumbs up, leave a comment down below, share with a friend, and consider
subscribing with my channel if you’re interested in learning everything and
anything about the Las Vegas area. Thank you so much for watching today and
hope to see you guys on the next one.

Author: Kevin Mason

20 thoughts on “Las Vegas Real Estate Market Update – September 2019

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

  2. I agree, I doubt the interest rates are going to get as low as they've been in the last 10 years and I really don't expect a big bubble burst like we had ten years ago.

  3. We know that interest rates are historically low, but we don't know what will happen with prices. If they do pull back, it likely won't be a lot, certainly not like 2008. You'll save more by purchasing now with lower rates than waiting for prices to pull back, if/when they do.

  4. Good comparison to Phoenix. Our inventory here is very low. I don't see the market replicating the bubble we had around 2006. I am not seeing the same dynamics as then.

  5. A bird in the hand is worth two in the bush. By that I mean take advantage of the crazy low interest rates now, rather than gamble and hope for prices to drop. If anything, I expect them to tread water and just hold steady.

  6. Angela, Always enjoy your videos.I like the way you condense info down to make it easy to understand and just give us what is important.

  7. I know what you mean by not knowing where other agents get their info from! I've had people tell me crazy info they got from other agents. An agent MUST keep on top of the market by reading & studying reliable and professional sources. You do a great job, both in researching and sharing your knowledge. Keep it up!

  8. Why dont buy? Cause houses are expensive AF. Why not buy a cheaper house? Cause theyre garbage or either in the ghetto where you gotta strap every minute.

  9. Angela– Super info— I think that in the last 5 recessions,only twice have home prices gone down,most notably 10 years ago

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