Las Vegas Real Estate Market Update – July 2019

Las Vegas Real Estate Market Update – July 2019

So, how did the Las Vegas real estate
market do for June 2019? Well that’s what we’re talking about today and we’re
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 need to
know. Welcome to the July issue of my monthly minute market update for
Southern Nevada. In this issue I will be going over June 2019 numbers. Stick
around to the end and I will go over the four top trends that is happening in the
Las Vegas real estate market today. Sorry I’m getting this out a bit late, I have a
few changes going on in my life. I actually have good news, I switched over
to a new brokerage called Home Realty Center. Very excited to start a new
adventure, unfortunately Brian is leaving the real estate business and actually
moving home to Oklahoma City. So we are no longer a team. But that doesn’t matter
because I am still here and I did all the work anyway so, I don’t need him. So,
today in this issue obviously we’re gonna go over what’s happening in the
real estate market. This year we could tell that the housing market has been
cooling down. The resale market is definitely seeing a lot fewer purchases
then 2018. As well as the slower price growth and a sharp rise in available
listings. Home builders are closing fewer sales because of the drop in purchases
of single-family houses. However, they are selling more condos
townhomes, which are typically less expensive. Now the key to remember about
buying a townhome or a condo is that their HOA’s tend to be a lot higher.
Yes, it is less expensive to purchase, but what are you going to be paying in HOA
fees? Oftentimes it’s over $150 a month on top of the master plan community. Most
of these places are in a gated community so you’ll be paying the gated
community association fee on top of the master plan fee. So think about that
before you really consider buying a townhouse or condo and especially with
condos they’re very strict on who they loan to. If you have an FHA loan you can
forget about getting a condo. There’s very few condos in the city that accept
FHA loans. Reasonably priced homes in the northwest side of town, you can find
something really decent in North Las Vegas and the Northwest, $250k and under. I
mean that’s really an OK price, I think. But anyway let’s get back on track.
Last year builders had closed the most sales in 2018 in more than a decade.
Buyers paid record prices for newly built homes. But sales volume overall has
tumbled as buyers move away from the builders best product, which is a
single-family house and they are typically now going for the condos or
townhomes like I just mentioned. Home sales in Summerlin were down 13% this
year for the same six-month stretch for 2018, 28% down for Inspirada, 4% down
for Cadence, and 8% down for Skye Canyon. Ok so that’s enough talking about the
new home builds. Let’s get down to the real nitty-gritty of the real estate market.
according to the GLVAR, which stands for the Greater Las Vegas Association of
Realtors, there were 2903 single-family houses that sold for the month of June,
down 11.5% from May and down 11.1% from June 2018.
And the medium sales price a previously owned single-family homes,
which compromises the bulk of the market, was three hundred and four thousand in
June, up 1.3% from the previous month and up 1.8% from the prior year. Southern Nevada also had a total number of four
thousand two hundred and seven new listings for the month of June, down to
8.5% from May and up 8.1% from the prior
year. However, there are a total number of 7,815
single-family houses listed without offers at the end of June, down .5% from May and up 80.3% from the prior year.
And there’s still about a 2.7 month of housing supply in
Southern Nevada, up 12.4% from May, and up 102.8% from the prior year. 57.7% of the closings for
June were on the market thirty days or less. Basically in my other videos, months
of supply is a good indicator if it’s either a buyer or seller market. We are
definitely not in a buyer market just yet, we’re still in a seller’s market
because our months of supply is still at 2.7% So we’re not a
balanced market either, but I still think that homes are staying on the market a
lot longer than they should and because the prices are still way overpriced.
Anyway back on to the numbers. So as I mentioned in the beginning of this video
I was talking about the four key trends that are happening in the Las Vegas real
estate market. Number one, slowdown in price growth. Prices are still going up
but they’re not going up as fast as they were from a year ago. Last year we were
seeing around 14%, 14-15% in appreciation, but this year
we’re seeing maybe 3 to 5% and in a healthy market there’s about
2 to 5% appreciation. So the homes are still going up,
not as fast as they were last year. I don’t know why
they’re going up because a ton of them have been sitting on the market forever.
Number two, rising inventory. Inventory has nearly doubled over this past year.
About a year ago, inventory was very low and the demand was very high, we had
a lot of people moving here from out of state. But, now that we have such strong
inventory, there is still demand, however, we can’t sell the houses that are on the
market. And I have a theory about why this is happening, why we just all of a
sudden got inundated with so much inventory this past year. I think because
the investors who bought 10-12 years ago, they bought at a really great price and
now they’re making some really great equity or appreciation, so they’re
selling now. A lot of the homes that are being sold right now is because the
investors are trying to cash out .That’s my opinion, I could be absolutely wrong,
but I think that these investors see how the market, we are you know shifting down.
We’re not gonna take a drastic shift, we’re actually, like I said in the past
in previous videos, we’re just stabilizing. So these
investors are trying to get out quick so that they can make a huge profit. You
know some sellers are also wanting to sell as well
because of the fact that they are seeing the shift in the market and wanting to
cash out before the market crashes. But the markets not going to crash, that was
the wrong terminology, there I should, that I used. Again I’ve stated in the
past I think this year is gonna be a weak year but I think next year, it’s
really gonna pick up again. I have a lot of buyers that will be ready next year.
And I don’t know why people think 2020 something’s gonna happen with the market
and it may I don’t know I can’t predict the future or what’s gonna happen
the real-estate market. I just know what’s happening now and the key is for
these sellers to price their homes accordingly and not over price it and
price it to where it should sell out or what buyers are willing to pay, not what
the seller should think they should get. The key is to research what’s been
selling in the last six months and not what’s on the market now. Having a good
realtor to assess the market is key. Number three, fewer residential sales.
With the prices going up we’re actually seeing that single-family homes are not
selling like they were from a year ago. Obviously because now one, too much
inventory, that inventory is overpriced and things aren’t selling. And the last one
number four, is the shift in buying condos and townhomes. Just like in new
home builds resales of townhomes and condos have gone up as well. Again be
careful in that. You may be getting a cheaper deal, but one is the home big
enough, two what are the HOA fees? HOA fees as I said earlier in this video
tend to be crazy high in a townhome or condo. I mean typically they’re about $150
plus. I see some of them $200 – $300 and they really don’t cover anything. Some of them
may cover your water and sewer or trash, but most of them it’s just for
maintenance and for the lifestyle of living in one of those types of
communities. Most of them do have, are gated and most of them do have a pool
and like exercise place or Clubhouse. But that’s you know, think about that when
you are buying. And also as your real estate agent, I’ll able to help you find
whatever is best in your price range all over the valley. If you’d like to
download the full report provided by the Greater Las Vegas Association
Realtors, I posted a link to it down in the description below. If you’re thinking about
buying or selling a home in Las Vegas give me a call at 702-370-5112. Well I hope you’ve enjoyed my monthly minute market
update for July 2019. 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. If you liked 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 Valley. Thank you so much for watching today and I hope to see you
guys on the next one.

36 thoughts on “Las Vegas Real Estate Market Update – July 2019

  1. Welcome to the July issue of my monthly minute market update for Southern Nevada. In this issue I will be going over new home builds and June 2019 numbers.

  2. Great job

  3. Wow what a huge jump in home sale values over the past 5-6 years!

  4. Good job.

  5. Incredible what a great investment real estate is in Las Vegas!

  6. Wow, lots of great info on your market! We have an excess of inventory in my market! Thanks for putting this together.

  7. Thanks for sharing!

  8. Great info on your market! I always love hearing how other markets are doing through out the country. And that is a big increase in prices year over year. It is about the same where I am at. It is crazy to see what is happening with home prices.

  9. Love this, great job!

  10. Great report on Las Vegas Market!

  11. Great info! Thank you, Angela.

  12. I've not done a market update before – this looks like the way it should be properly done!

  13. Great market update & info Angela!

  14. Great video! I love hearing about other Markets especially Las Vegas

  15. Great market update!

  16. I love hearing what’s going on in other markets since a lot of people are relocating out of my area. It helps me be able to guide them in their relocation. Thanks for the video πŸ™‚

  17. Thanks for sharing about the market in Vegas and best of luck on your new adventures with your new brokerage!

  18. excellent update Angela, best of luck with your new company!

  19. Thanks for the great market update Angela! Always great to know what's going on various markets across the country, real estate is super local!

  20. Another great market update. Lots of equity building in Vegas.

  21. Great video and update on the market in Las Vegas

  22. Interesting update! Thanks for sharing!

  23. Congrats on your new ventures and love the info on your vegas market!

  24. Good Luck on your Change to your new Brokerage! I did that as well this month. πŸ˜ƒ

  25. Definitely up to date on your market.

  26. Hi Angela. Thanks for sharing

  27. Great market update!

  28. Same thing here in Florida you can barely find a condo with a FHA loan and the ones you can aren't that great

  29. Great info. Thanks!

  30. Great info on your market!

  31. Great update Angela! Good luck with the new brokerage!

  32. Great info!

  33. Great video as always Angela!

  34. A lot of great info, thx for sharing!

  35. Loved that you talked about trends, great and thorough video thanks for the update!

  36. Don't Exaggerate they cover alot Xtra things than u have to pay with a house!

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