July 2019 Housing Report
For yet another month, the Las Vegas real estate market might best be described as slow, but steady.
The numbers for July 2019, just released by the Greater Las Vegas Association or REALTORS® (GLVAR) show little change over last month.
The largest swing in the reporting of single-family unit activity was in the number of units sold. There were 3,159 single-family units (SFU) sold in July 2019, an 8.8-percent increase over the June numbers, but still a .8-percent drop from July 2018.
There were 724 condos and townhouses sold in July 2019, a .1 percent increase from June’s numbers.
The next biggest change in SFU numbers was in the average price of units sold. The July 2019 average, $359,198, reflects a 1.5 percent increase over June’s numbers. Despite the increase in the average-price of units sold, the median price of SFUs sold dropped .3 percent from June’s figures. The higher average price and lower median price reflects a buyer shift towards slightly less expense homes.
The number of new listings in July slowed 2.2 percent from the June numbers, but were still a strong 6.6 percent ahead of July 2018 numbers. The number of new condos and townhouses entering the market dropped 6.4 percent between June and July 2019, but was still 6.7 percent higher than last year’s figures.
The median price of new SFU listings was unchanged from June to July, holding steady at $324,900, however, the average price for those same listings came in 3.9 percent lower than in June, reflecting an increase in lower-priced homes entering the market.
The median price of $173,000 for new condos/townhouses entering the market in July was a 1.8 percent increase over June and a 3.6 percent jump over July 2018’s numbers.
The number of SFUs available in July, 7,808, also remained steady, notching only a .1 percent drop from June to July. The good news for buyers is that this is a 63.1 percent increase from the July 2018 numbers.
The 1,864 condos and townhouses available in July, while a 3.8-percent drop from June, is still 112.3 percent greater than July 2018’s inventory.
The number of days it takes for listings to sell has also remained steady month over month. In June, 57.7 percent of units on the market sold within 30 days, while in July that number was 57.6 percent. The most recent number is, however, down 17.2 percent from the dizzyingly fast 74.8 percent reported in July 2018.
SFUs that took between 31 and 60 days to sell comprised 20.4 percent of the sold units in July, up slightly from the 14.2 percent recorded in July 2018.
So once again, July’s numbers show a much more stable real estate market, with homes continuing to sell, a good supply of new listings entering the market, sold prices climbing slightly but new listing prices off slightly and homes continuing to sell at a respectable, but slower pace than last year.
Tim Dewar is a longtime newspaper reporter/editor. He is a communications and social media professional who writes about the local real estate market and Las Vegas lifestyle pieces for www.yourhomeinNevada.com.