Welcome to the January issue of my monthly market update for Southern Nevada. In this issue I will be going over December 2019 numbers.
The Las Vegas housing market ended 2019 with a burst of sales! But overall, fewer homes traded hands in 2019 than the year before.
According to the real estate commission officers, there were 2,609 single-family houses that sold in December, up 8.4% from November, and up 21.8% from December 2018.
The median sales price of previously owned single-family homes increased to $312,000 from $307,000, up 2% from November and up 6% from the prior year.
Southern Nevada also had a total of 2,001 new listings for the month of December, down 24.5% from November, and down 14.3% from the prior year.
There were also a total number of 5,538 single-family houses listed without offers at the end of December, down 15.2% from November and down 16.3% from the prior year.
These numbers are very interesting! In the beginning of 2019 and throughout most of the year, the tally of available listings rose, but as we approached the end of the year we had a shark drop in inventory.
This could only me one thing, in my opinion. That 2020 may be like 2018. When you have such a huge drop in inventory, with a high demand, prices are going to continue to go up.
If you are a seller, now is the time to list your home!
There is a 2.1 months housing supply in Southern Nevada, down 21.8% from November and down 31.3% 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.
48.7% of the closings for the month December was on the market 30 days or less, in November this number was at 51.4% and in December 2018, 55.3% of the homes were on the market 30 days or less.
Las Vegas’ housing market ended 2019 with a boost in activity after a year of slower price growth, fewer sales by homebuilders and increased availability on the resale market.
Overall for 2019 there were 41,269 previously owned homes that sold in Southern Nevada, only down about 4% from 2018. Which to me is not bad at all.
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, you can call me at 702-370-5112 or CLICK HERE!
Well, I hope you have enjoyed my monthly market update for January 2020.
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