Pros and Cons of Living in Las Vegas
June 26, 2019
Las Vegas Real Estate Market Update – February 2019
June 26, 2019Las Vegas Real Estate Market Update – January 2019
Las Vegas Real Estate Market Update – January 2019
Las Vegas Real Estate Market Update – January 2019. Welcome to the January issue of the monthly minute market update for Southern Nevada. In this issue I will be going over December 2018 numbers.
Las Vegas’ housing market ended 2018 with a big drop in sales from a year earlier and a sharp rise in availability.
Single-Family Market Trends
A total of 2,142 single-family houses sold in December, down 6.5% from November 2018 and down 18.2% from December 2017, according to a report from the Greater Las Vegas Association of Realtors.
The median sales price of single-family homes last month was $295,250, virtually unchanged from November 2018, but up 10.2% from a year ago.
Market Trends
Southern Nevada had a total of 2,336 new listings for the month of December, down 27.5% from November, but up 11.7% from the prior year.
There were also a total number of 6,615 single-family house listed without offers at years end, down 5.5% from November, but up 72.9% from the end of 2017.
Market Trends
There are still about a 3.1 month of housing supply in Southern Nevada, up 1.1% from November, and up 111.3% from prior year.
55.3% of the closings for the month of December was on the market 30 days or less.
Amid a stronger economy and a growing population, Las Vegas home prices have climbed fastest among major U.S. markets for five consecutive months, according to the S&P CoreLogic Case-Shiller index.
But buyers have pulled back as mortgage rates rise, boosting monthly payments, and as prices keep soaring.
As previously stated in my other market updates, homes are staying on the market a lot longer and as a buyer you may be able to negotiate a really GREAT deal. Like asking the seller to pay for your closing costs or even negotiate down on the asking price.
Now is a great time to buy, while the interest rates are still relatively low and before the Spring/Summer home buying frenzy begins.
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/2RKkv6M
I hope you have enjoyed our monthly minute market update for January 2019.
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