March 2019 Las Vegas Real Estate Market Update. Welcome to the March issue of my monthly minute market update for Southern Nevada. In this issue I will be going over February 2019 numbers.
The housing market’s normally busy spring selling season may be slower this year amid Las Vegas’ nationally leading price growth.
The median sales price of previously owned single-family homes, which compromises the bulk of the market, was $296,200 in February, down 1.3% from January, but up 7.7% from February 2018.
Last month there were a total of 1,966 single-family houses sold, up 7.8% from January, but down 7.6% from February 2018.
Southern Nevada also had a total of 3,403 new listings for the month of February, down 10.6% from January, and up 7.5% from the prior year.
However, there were a total number of 7,134 single-family houses listed without offers in February. Down 1.7% from January, but up 95.3% from the prior year. This is almost double from a year ago.
There is now a 3.6-month housing supply in Southern Nevada, down 8.8% from January and up 111.4% from prior year.
48.2% of the closings for the month of February was on the market 30 days or less.
Southern Nevada’s sales drop and increased tally of available listings, also mirror national trends. With prices rising faster than average incomes in recent years, many sellers have slashed their prices.
Southern Nevada home prices were up 11.4% year-over-year in December more than double the national rate of 4.7%, according to the latest S&P CoreLogic Case-Shiller index. Las Vegas’ price growth was fastest among the 20 markets in the report for the seventh consecutive month.
Prices have been rising amid an expanding population and strengthened job market, but sales have tumbled amid affordability concerns.
Homebuilders, for instance, last year closed the most sales in Southern Nevada in more than a decade and fetched record prices, but they started 2019 with the fewest monthly closings in two years.
Builders closed 611 new-home sales in January, down 14% from a year earlier and the lowest tally since January 2017, according to Las Vegas-based Home Builders Research.
If you are thinking about buying new construction please watch my Video on Why you need your own real estate agent representing you. https://youtu.be/QXDr3r7reow
If you would like to download the full report provided by the Greater Las Vegas Association of Realtors, here is the link http://bit.ly/2UGqacf
I hope you have enjoyed our monthly minute market update for March 2019.
Las Vegas Market Update – February 2019
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