Las Vegas Real Estate Trends – January 2019
Data Courtesy of Stewart Title Company
Sales Velocity Slowdown
The Southern Nevada resale home market witnessed a slowdown in overall sales activity in January 2019 – partially due to typical seasonality. Total closings within the single family segment moderated to 1,823 during the month, representing the lowest monthly sales volume since January 2015.
4 Months of Inventory in the MLS
A total of 7,282 single family homes were listed for sale at the end of the month, which has held in a relatively
tight range during the past five months. When the number of listings are compared to lower sales
volumes, effective availability increased to 4.0 months.
Las Vegas Homes Median Prices back to Post-Recession Highs
Importantly, median prices rose to $300,000, matching a post-recession high posted in September 2018, and values were up 13.2 percent from a year ago.
Condo & Townhomes in Las Vegas for Sale/Sold Data
Total closings within the condominium/townhouse segment fell to 482 during the month, which is down 12.7 percent from one year ago, as 1,717 units remained available for purchase. I doubt this factors in high rise condos. Lower sales volumes caused effective availability to rise to 3.6 months, the highest value reported since February 2016. However, median prices rose 4.0 percent during the month to $170,000, and they are up 13.6 percent from a year ago. The median number of days on market continued to trend slightly upward, reaching above 30 days for both market segments and remaining well below national averages.
Residential Resale Market Conditions Summary
Single Family Condo/Townhouse
No. of Home Sales 1,823 q 482 q
Median Closing Price $300,000 $170,000
No. of Units Listed as Available 7,282 1,717
Effective Months of Availability 4.0 3.6
Total Value of Closings $640.7 M q $88.8 M
Note: Data is for the month of January 2019; trend indicators reflect comparisons to the prior year.