Single-Family Residential (SFR) Sales Trends

POSITIVE TRENDS

SFR sales prices in Las Vegas per continued to increase through mid-May, 2020 per Realtor data and today the median price is near $ 310,000 or $ 168 per square foot (SF) of gross building area (GBA).  When you exclude new homes and only consider previously owned homes the median is $ 305,000. This trend is great news if you are an owner, but not so great news if you are a buyer looking to acquire a home in the Las Vegas area.

NEGATIVE TRENDS

The number of new single-family home listings has been falling since July 2019 and more quickly in 2020, which is what you would expect following the worst of the COVID experience.  The restricted supply has resulted in pending sales being at their lowest point in over 3 years.

The number of days on market for existing listing has increased to 26 days again this additional marketing time has been expected by most given COVID.

The number of closed SFR home sales (new and used) has started to fall and that number may be headed for a new five year low, especially if there is a resurgence in COVID cases.

COMMENT

There statistics are of course “aggregate” numbers they do not tell you anything about a specific area, a specific subdivisions or a specific home type. 

Appraisers follow SFR market trends for both new and used SFR homes, and commercial appraisers follow sales trends for different commercial property types including; apartments, retail, industrial, offices and vacant land.  

For more appraisal information contact Glenn J. Rigdon MA, MRICS, IFAS, ASA who is a Las Vegas / Henderson Nevada based broker and appraiser who can be contacted via email or via his business website known as Appraiser Las Vegas  (http://www.appraiserlasvegas.com), or http://www.horizonvillageappraisal.com, or you can also click on “Contact Us” on the home page of this website or visit my public profile at LinkedIn at http://www.linkedin.com/pub/glenn-rigdon-ma-mrics-asa/1a/30b/879/

Article source: http://www.appraisalarticles.com/General-Appraisal-Articles/Market-Conditions-Articles/4756-Single-Family-Residential-SFR-Sales-Trends.html