Las Vegas Real Estate Market Update – April 2019. Welcome to the April issue of my monthly minute market update for Southern Nevada. In this issue I will be going over March 2019 numbers.
Las Vegas’ main housing association has predicted a rosier spring selling season after a huge jump in deals last month. But resales are still well below 2018 levels, and the tally of ignored listings remains much higher than it was a year ago.
Last month there were a total of 2,621 single-family houses sold, up 33.3% from February, but down 16.8% from March 2018.
The median sales price of previously owned single-family homes, which compromises the bulk of the market, was $300,000 in March. Up 1.3% from February and up 7.1% from March 2018, according to a new report from the Greater Las Vegas Association of Realtors.
Southern Nevada also had a total of 4,409 new listings for the month of March, up 29.6% from February, and up 18.4% from the prior year. However, there were a total number of 7,091 single-family houses listed without offers in March, down .6% from February, but up 84.9% from the prior year.
There is now a 2.7 months housing supply in Southern Nevada, down 25.4% from February and up 122.4% from prior year. So, what does “Months of Supply” mean? Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales.
Months of supply is a good indicator of whether a particular real estate market is favoring buyers or sellers. Typically, a market that favors sellers has less than 6 months of supply, while more than 6 months of supply indicates an excess of homes for sale that favors buyers.
51.9% of the closings for the month of February was on the market 30 days or less.
Nationally, the average rate on a 30-year mortgage in March was 4.27%, down from 4.87% in November, according to mortgage-finance giant Freddie Mac. So that’s a really good thing!!
Despite Las Vegas’ higher home values, resale prices are still below their pre-recession peaks, and even further below when adjusted for inflation.
The median sales price of a previously owned single-family house peaked at $315,000 in June 2006 during the real estate bubble, according to the GLVAR. Adjusted for inflation, however, the peak was around $392,430 in today’s dollars — more than $92,000 above the current median.
The Las Vegas Housing Market is picking back up, but homes are not selling like they did from a year ago. There is a lot more inventory to choose from and buyers are being much more pickier than years past.
If your home has been on the market longer than 30 days, then you need to ask yourself a few of questions.
Watch my video on “Why isn’t my house selling” to get a better understanding of why your home is not selling: https://youtu.be/hW7YmkME9yA
As a buyer, with interest rates lower than they were from a year ago, why not buy now? Even though the market is picking back up, there are over 7,000 homes to choose from and you may still be able to get a really great deal.
Our last 3 buyers, we were able to get the sellers to pay for all of their closing costs. The key is having a Realtor who knows how to negotiate for you.
If you would like to download the full report provided by the Greater Las Vegas Association of Realtors, click here: http://bit.ly/2V26Md2
I hope you have enjoyed my monthly minute market update for April 2019.
Las Vegas Market Update – March 2019
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