Welcome to the March issue of my monthly market update for Southern Nevada. In this issue I will be going over February 2020 numbers.
Can you believe that after more than 13 years, Las Vegas house prices have finally eclipsed their bubble-era peak?
But they remain well below those of the boom days when adjusted for inflation – underscoring just how bloated the market got before it crashed, and how long the trek back has taken in the epicenter of America’s real estate collapse.
The median sales price of previously owned single-family homes reached an all-time high of $316,000 last month. Which is $1000 above the pre-recession record set in June 2006. Up 3.6% from January and up 6.7% from the prior year. According to the Las Vegas Realtors, formerly known as the Greater Las Vegas Association of Realtors.
As you can see on the chart, Las Vegas hits bottom on Median sales price in January 2012, it took us 8 years to recover from the bottom, but it took us almost 14 years to by-pass the pre-recession peak of $315,000. And in reality, if you adjust this number for inflation, it would be nearly $400,000 in today’s dollars. Almost $84,000 above the current level.
Las Vegas was the hardest hit metro area of the country during the recession and has been slower to recover than other markets.
February also had a big jump in sales, with buyers grabbing 2,471 single-family houses, up 8.2% from January and up 25.7% from February 2019.
Southern Nevada also had a total of 3,239 new listings for the month of February, up 4.6% from January, but down 4.8% from the prior year.
There were also a total number of 4,240 single-family houses listed without offers at the end of February, down 13.6% from January and down 40.6% from the prior year.
If you are a seller, I would seriously consider selling your house now! We need the listings! There are a ton of buyers out there right now looking to buy in Las Vegas and with very limited inventory you may be able to sell your home for top dollar.
There is still a 1.7 months housing supply in Southern Nevada, down 20.2% from January and down 52.7% 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.
50.4% of the closings for the month February was on the market 30 days or less, in January this number was at 46.8% and in February 2019, 48.2% of the homes were on the market 30 days or less.
If you would like to download the full report provided by Las Vegas Realtors, click HERE!
Also, if you are thinking about buying or selling in the Las Vegas Valley, CLICK HERE or you can call me at 702-370-5112.
Well, I hope you have enjoyed my monthly market update for March 2020.
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Angela O’Hare, Realtor
The O’Hare Team
Home Realty Center