Welcome to the December issue of my monthly market update for Southern Nevada. In this issue I will be going over November 2019 numbers.
Home prices are expected to inch higher across the country next year, but not in Las Vegas.
Listing site Realtor.com predicted in a forecast released last week that the median sales price of previously owned homes will fall 1.1% in Southern Nevada in 2020, compared with a 0.8% gain nationwide.
Las Vegas’ housing market cooled off this year after a heated run sparked affordability concerns, and Realtor.com is predicting that things will keep slowing locally and nationally in 2020.
Buyer activity has picked up lately in Southern Nevada. But overall, home prices have grown at a much slower pace than in 2018, builders have closed fewer sales. Which I think is a good thing. You want a slow and stable market.
In reality what is 1.1%, not that huge of a drop? But what does realtor.com really know? This is just a prediction, they are not in the daily trenches like I am. I do not expect the sales totals in 2020 to drop and I feel that they will be fairly comparable to this year’s tally.
I have been out in the trenches all month long and working with clients in the $350,000 and under price range, and I am still seeing multiple offers happening.
People are buying now and as I have been saying in all my other videos, these numbers do not lie. That’s why I am here to help you understand them better.
According to the Greater Las Vegas Association of Realtors, there were 2,407 single-family houses that sold in November, down 17% from October, and up 5% from November 2018.
The median sales price of previously owned single-family homes remained the same at $307,000 from October and up 4.1% from the prior year.
Southern Nevada also had a total of 2,652 new listings for the month of November, down 25.2% from October, and down 17.7% from the prior year.
However, there were a total number of 6,531 single-family houses listed without offers at the end of November, down 9.4% from October and down 6.7% from the prior year.
There is a 2.7 months housing supply in Southern Nevada, up 9.1% from October and down 11.2% 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. We are still in a sellers-market, but it is not as strong as it was from a year ago.
51.4% of the closings for the month of November was on the market 30 days or less, in October this number was at 52.6% and in November 2018, 60.3% of the homes were on the market 30 days or less.
The so-called distressed home sales — purchases at foreclosure auctions and sales of foreclosed or underwater homes — account for just 3.3% of resales in the valley this year. That’s down from almost 73% in 2011, when the economy was in the gutter, according to recent figures from Las Vegas consulting firm Applied Analysis.
If you would like to download the full report provided by the Greater Las Vegas Association of Realtors, CLICK HERE!
Also, if you are thinking about buying or selling in the Las Vegas Valley, CLICK HERE for form to fill out or you can call me at 702-370-5112.
Well, I hope you have enjoyed my monthly market update for November 2019.
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Angela O’Hare, Realtor
The O’Hare Team
Home Realty Center