Temperatures Have Cooled & Las Vegas Home Sales on the Rise

Posted by Las Vegas Homes By Leslie on Monday, November 11th, 2019 at 8:11am.

 Las Vegas real estate stats

Now that the summer heat has calmed down and the temperatures are more conducive to shopping for that new home, we're starting to see Las Vegas real estate sales on the rise. 

On hand property inventory is hovering just under 3 months, which may indicate some apprehension about listing. This shouldn't be a concern, the market is full of serious buyers just waiting for that perfect home. Interest rates are very favorable, but slightly on the rise, which means if you're considering a new purchase, the timing is now.

We're also seeing more first-time buyers this Fall. Entry level homes or condos in good condition are selling quickly.

Las Vegas Real Estate Stats

Here are the latest stats for Las Vegas real estate in October 2019:

Las Vegas Single-Family Home Stats

New listings for single-family homes in Las Vegas, are up 6.9% year to date. Average sales prices are up 4.8% to $355,295. The number of closed sales is down slightly from 2018, but we attribute this to a late start. October sales alone were up 6.5% from one year ago. The overall inventory on hand is down with only 2.9 months of supply, which means sellers are still a bit cautious.

View current listings for Las Vegas single-family homes

October 2019 stats for Las Vegas Single-Family homes

Las Vegas Condos & Townhome Stats

New listings for Las Vegas townhomes and condos were up 5.8%. The average sale price was up 5.3% to $175,935. Condos that are priced well are getting bought up quickly. 

View current listings for Las Vegas Condos & Townhomes

October 2019 stats for Las Vegas condos & townhomes

Henderson Single-Family Home Stats

The Henderson single-family home market is up 9.1% from October 2018 and average sales prices are up 5% to $430,245. Both homes and condos are selling at 98.3% of their asking price. There is a limited inventory of homes available - only 2.6 months. Henderson has a great market for both sellers and buyers right now.

View Henderson single-family homes for sale

October 2019 stats for Henderson single-family homes

Henderson Condo & Townhome Stats

In October 2019, Henderson condos and townhomes continue to offer an excellent investment opportunity, with average prices up a whopping 18.7% ($243,428) from October 2018. Year to date, we've got about 6.4% more new listings than a year ago, but still only 2.7 months of inventory on hand.

View Henderson condos for sale

October 2019 stats for Henderson condos

Nevada Mortgage Rate Trends

Here is a snapshot of the Nevada mortgage rate trends taken on November 7, 2019 from Realtor.com. They've increased slightly from last month, but still, the rates are extremely favorable for home buyers. Don't hesitate to contact Leslie for more information about qualifying for a mortgage.

As of today the following rates apply:

  • 30-Year Fixed: 4.05% (up)
  • 15-Year Fixed: 3.43% (up)
  • 5/1 ARM: 3.68% (down)

Nevada Mortgage rate trends for November 2019

New Home Construction Options

The new home construction industry in Las Vegas is booming. What many people don't realize, you can own a brand new home or townhome in Las Vegas for under $250,000. In fact, there is a huge range of available inventory ranging from the $200s into the millions - basically something for everyone.

Search new homes by builder

Or, see below to search new construction by price and features

Subsidize Your Mortgage - Buy a Home With a Casita

Buying a home with an inlaw suite or casita can be one of the most effective ways to subsidize your mortgage payment. In addition to sharing with family, this type of feature has so many options including using as an air bnb or rental property.

Search for current listings for Las Vegas homes with a casita

By Leslie Hoke

Las Vegas Homes By Leslie
8010 W Sahara Ave #150, Las Vegas, NV 89117
Direct: (702) 321-1763 Fax: (702) 224-2146
Premier Realty Group

License #S.0062628

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