Lied Center for Real Estate – Lied Center for Real Estate ......the copyright of Lied Center for...

A MONTHLY REPORT FROM THELIED CENTER FOR REAL ESTATE

June 2020

NEVADA HOUSING MARKET UPDATE

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TABLE OF CONTENTSLAS VEGAS METROPOLITAN AREA TRENDS . . . . . . . . . 4

WASHOE COUNTY TRENDS . . . . . . . . . . . . . . . . . . . . . . . . 23

CARSON CITY COUNTY TRENDS . . . . . . . . . . . . . . . . . . . 34

MESQUITE AND LAUGHLIN TRENDS . . . . . . . . . . . . . . . 40

©Copyright 2020 Report on Nevada’s Housing MarketReaders may reproduce the publication’s items if they cite the publication name and date, and note the copyright of Lied Center for Real Estate, University of Nevada, Las Vegas.Datasource: Collateral Analytics

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Laughlin, which saw a year over year decrease in single-family home prices last month, saw the most robust growth in single-family home prices of any major region in Nevada this month as prices increased 6.1 percent year over year. Mesquite saw the next largest increase with a 5.8 percent year over year increase. Washoe County and the Las Vegas metropolitan area saw increases of about 2 percent year over year. Carson City County experienced an increase of 1 percent year over year.

SUMMARY

Within the Las Vegas metropolitan area, North Las Vegas saw the most robust growth in existing single-family home prices as prices increased 4.5 percent year over year. No area within the Las Vegas metropolitan area saw a year over year decrease in single-family home prices.

Existing single-family home sales were down about 40 percent year over year in all regions of Nevada.

The share of homes sold under distress in the Las Vegas metropolitan area was the lowest it had been since prior to the great recession.

New single-family listings typically peak each year in June. As a result, all regions in Nevada saw month-to-month increases in single-family home listings. On a year over year basis, new single-family home listings were down about 30 percent in all regions.

The average new listing price for single-family homes reached near record values for Mesquite, Washoe County, and the Las Vegas metropolitan area.

Existing condominium prices increased by 5.2 percent year over year in Washoe County and decreased by 4.5 percent year over year in the Las Vegas metropolitan area.

Existing condominium sales were down more than 40 percent year over year in both Washoe County and the Las Vegas metropolitan area.

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2020LAS VEGAS METROPOLITAN AREA TRENDS

Home Type 2019-06 2020-06 Year over year % growthAvg New Home Price (Thousands of $) CONDO 362.00 316.20 -12.65

SFR 463.00 484.00 4.54

Avg New Home PPSQFT CONDO 198.33 167.00 -15.80

SFR 182.67 183.33 0.36

Avg Existing Home Price (Thousands of $) CONDO 227.33 217.00 -4.55

SFR 365.33 372.33 1.92

Avg Existing Home PPSQFT CONDO 172.67 165.33 -4.25

SFR 171.33 175.33 2.33

Avg REO Price (Thousands of $) CONDO 184.33 176.33 -4.34

SFR 307.00 324.33 5.65

New Home Sales CONDO 20 6 -69

SFR 95 75 -21

Existing Sales CONDO 909 406 -55

SFR 3,598 1,810 -50

REO Sales CONDO 66 2 -96

SFR 163 7 -96

Foreclosures CONDO 23 8 -63

SFR 84 67 -20

Distress Share CONDO 0.09 0.03 -0.06

SFR 0.06 0.04 -0.02

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Home Type 2019-06 2020-06 Year over year % growth

Average Days on Market CONDO 75 81 7

SFR 77 73 -5

New Listings CONDO 1,151 803 -30

SFR 4,187 2,952 -29

Avg New Listing Price (Thousands of $) CONDO 251.33 258.33 2.79

SFR 410.67 446.33 8.69

Cash Buyers % CONDO 42.00 42.53 0.53

SFR 23.23 30.33 7.10

Flip Ratio CONDO 0.06 0.05 -3.51

SFR 0.05 0.05 1.45

Total Flips CONDO 48.33 33.67 -30.34

SFR 132.67 86.33 -34.92

LAS VEGAS METROPOLITAN AREA TRENDS

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Price per square foot for new single-family homes has seen almost no month-to-month or year over year change for five consecutive months.

Overall price continues to see more robust growth than price per square foot as overall price was up 4.5 percent year over year.

New condominium sales were down 70 percent year over year for the third consecutive month. New single-family home sales were down 20 percent year over year.

New condominium prices have seen little month-to-month change for three consecutive months, but have decreased by more than 10 percent year over year the last three months.

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Existing single-family home prices continue to see almost no month-to-month change. Average existing prices have increased by less than 2 percent year over year for seven consecutive months.

Existing single-family sales saw another large month-to-month decrease and were down nearly 50 percent year over year. This was the largest year over year decrease in existing home sales since July 2008.

Overall price and price per square foot for existing condominiums decreased slightly from the previous month and were down 4 percent year over year.

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Single-family REO price per square foot, at $157, has seen little change for four consecutive months. Overall price for single-family REO sales has increased for three consecutive months.


REO sales decreased for the fourth consecutive month and saw a large 50 percent year over year decrease for the third consecutive month. REO sales were lower than their prerecession value

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The share of single-family homes sold under distress, at 3.8 percent, was the lowest it had been since 2006.


The average new listing price for single-family homes was $446,000 in June 2020. This represents the highest average price since February 2006 and the second highest recorded value.

The average new listing price for condominiums was unchanged from the previous month.

New listings have decreased by more than 20 percent year over year for both condominiums and single-family homes.

Average time on the market has seen little month-to-month change for both condominiums and single-family homes. Single-family homes spent an average of 73 days on the market while condominiums spent an average of 81 days on the market.

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WASHOE COUNTY TRENDS

Home Type 2019-06 2020-06 Year over year % growthAvg Existing Home Price (Thousands of $) CONDO 288.67 303.67 5.20

SFR 502.33 514.67 2.46

Avg Existing Home PPSQFT CONDO 228.67 239.67 4.81

SFR 242.33 245.00 1.10

Existing Sales CONDO 154 92 -41

SFR 737 421 -43

Average Days on Market CONDO 81 83 2

SFR 81 74 -8

New Listings CONDO 164 120 -27

SFR 826 561 -32

Avg New Listing Price (Thousands of $) CONDO 273.67 284.00 3.78

SFR 546.67 576.00 5.37

Cash Buyers % CONDO 37.50 34.37 -3.13

SFR 22.77 23.23 0.47

Flip Ratio CONDO 0.03 0.04 50.00

SFR 0.03 0.03 -13.04

Total Flips CONDO 2.67 4.00 50.00

SFR 17.67 11.33 -35.85

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Existing single-family home prices saw a large month-to-month increase and reached their highest recorded value ($515,000).


Price per square foot for existing single-family home sales also saw a large month-to-month increase to $245. This represents a 1 percent year over year increase and the highest value since August 2019.

Existing single-family home and condominium sales were down more than 40 percent year over year. Monthly sales were the lowest they had been since 2015.

Existing condominium prices increased from the previous month, but were still lower than they were at the start of 2020.

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Time on the market for single-family homes saw a large month-to-month decrease for the third consecutive month and a year over year decrease for the fourth consecutive month. Singles-family homes spent 7 days less on the market in June 2020 than June 2019.

The average new listing price for single-family homes saw a large month-to-month increase for the second consecutive month and continues to reach new record high values.

The average new listing price for condominiums has seen little month-to-month change and increases of about 4 percent year over year for three consecutive months.


New single-family and condominium listings were up month-to-month, but down more than 25 percent year over year.

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CARSON CITY COUNTY TRENDS

Home Type 2019-06 2020-06 Year over year % growthAvg New Home Price (Thousands of $) SFR 428.00 454.00 6.07

Avg Existing Home Price (Thousands of $) SFR 391.00 395.20 1.07

Avg Existing Home PPSQFT SFR 210.00 219.67 4.60

Avg REO Price (Thousands of $) SFR 370.00

New Home Sales SFR 12 5 -57

Existing Sales SFR 75 46 -38

REO Sales SFR 4 0 -100

Foreclosures SFR 5 1 -73

Distress Share SFR 0.10 0.04 -0.06

Average Days on Market SFR 78 76 -3

New Listings SFR 84 56 -33

Avg New Listing Price (Thousands of $) SFR 434.67 477.00 9.74

Regular LTV SFR 79.16 85.90 6.74

Cash Buyers % SFR 23.97 19.70 -4.27

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There were 46 existing single-family home sales during June 2020. This represents the ninth consecutive month with a month-to-month decrease and the lowest monthly total since November 2015.


Existing single-family home prices decreased on a month-to-month basis for the first time since February 2020.

Existing single-family home price per square foot saw a large month-to-month increase to $220. Price per square foot continues to see more robust year over year growth than overall price.

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The average time on the market saw a large month-to-month decrease for the second consecutive month, which is typical each year in June. There were 52 new listings during June 2020. On average, home spent 3 less days on the market in June 2020 than June 2019.


New single-family listings typically peak each year in June for Carson City County. In June 2020, new listings in Carson City County saw a month-to-month increase, but a 33 percent year over year decrease.

New single-family listing prices increased on a month-to-month basis for the seventh consecutive month. Average new listing prices in June 2020 were nearly $40,000 than June 2019 prices.

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Home Type Sub Region 2019-06 2020-06 Year over year % growth

Avg Existing Home Price (Thousands of $) SFR Laughlin 250.00 265.33 6.13

Mesquite 327.33 346.33 5.80

Avg Existing Home PPSQFT SFR Laughlin 142.33 143.67 0.94

Mesquite 185.67 195.67 5.39

Avg REO Price (Thousands of $) SFR Laughlin

Mesquite 308.67

Existing Sales SFR Laughlin 9 5 -42

Mesquite 54 38 -29

REO Sales SFR Laughlin 0 0 -100

Mesquite 5 0 -100

Foreclosures SFR Laughlin 0 0 -100

Mesquite 2 2 -29

Distress Share SFR Laughlin 0.07 0.00 -0.07

Mesquite 0.09 0.03 -0.06

Average Days on Market SFR Laughlin 98 139 43

Mesquite 33

New Listings SFR Laughlin 12 8 -36

Mesquite 4

MESQUITE AND LAUGHLIN TRENDS

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Home Type Sub Region 2019-06 2020-06 Year over year % growthAvg New Listing Price (Thousands of $) SFR Laughlin 237.67 283.33 19.21

Mesquite 575.00

Regular LTV SFR Laughlin 91.88 82.00 -9.88

Mesquite 91.91 80.56 -11.35

Cash Buyers % SFR Laughlin 49.10 61.47 12.37

Mesquite 42.43 41.33 -1.10

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Laughlin sold 5 existing homes during June 2020. Laughlin has had less than 10 existing home sales each month since February 2019.


Laughlin existing home prices increased 6 percent year over year. This was the first year over year increase since November 2019.

Mesquite single-family home sales decreased on a month-to-month basis for the first time since January 2020. Home sales have decreased by more than 20 percent year over year for three consecutive months.

Mesquite prices have consistently increased about 5 percent each month for the last seven consecutive months.

Price per square foot continues to increase and reach new peak values each month.

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The distress share was zero percent in Laughlin. Laughlin has seen four consecutive months with no homes sold under distress.


Laughlin saw a year over year increase in time on the market of more than 10 percent for the third consecutive month. Time on the market increased more than 40 percent in June 2020. This represents the largest year over year increase in time on the market since January 2017.

The average new listing price in Mesquite was $575,000. This represents the highest recorded value for Mesquite. The average new listing price in Mesquite has not seen a year over year decrease since December 2018.

The average new listing price in Laughlin has increased by more than 9 percent year over year for 3 consecutive months. New home listings have decreased by more than 19 percent year over year for 3 consecutive months

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Data used in this report comes from two sources. Days on market, listing price, number of listings are MLS data (local market data). Prices, sales, etc. are all Public Records for recorded sales/deeds. Data for the most current month reflect preliminary data and are subject to revisions.

NOTES

Data represent 3 month moving averages.

Summerlin is defined as the 89134, 89135, 89138, and 89144 zip codes.

Listing prices will differ from average sales prices, as listing prices reflect expectations of sellers whereas average sales prices are actual transactions based reflecting supply, demand and buyer preferences which change frequently.

The distress share is defined as REO sales & foreclosures divided by total home sales.

Market and public records data is accessed through Collateral Analytics, an independent real estate analytics firm.

Readers are advised to exercise caution interpreting data from this report as it is sourced from a third party analytics company.

If any reader plans on using data from this report for their own work, they are advised to corroborate it by their own analysis. The Lied Center for Real Estate is not responsible for the accuracy or coverage of the data used by the third party quoted in this report.

The Lied Center for Real Estate is a center of excellence in the Lee Business School at the University of Nevada, Las Vegas. It was established and endowed in 1991 to foster real estate education, research and advance real estate knowledge in Nevada. The center produces relevant and timely real estate research, supports educational programs in real estate for students and professionals, and provides community outreach.

Vivek Sah, PhD DirectorUniversity of Nevada, Las VegasBEH 530A, 4505 S. Maryland Pkwy, Las Vegas, NV 89154

[email protected]: 702-895-1660Cell: 404-429-0406

Lied Center for Real Estate – Lied Center for Real Estate ......the copyright of Lied Center for...

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