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.
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.
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.
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.
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)
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.
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.
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