This month’s sales, like the one before, finished out strong. Median home prices remained steady. Fewer people are selling their homes while demand from buyers remains strong. This led to a decrease in available inventory. Watch below or read for the full December 2019 Las Vegas Real Estate Market Update.
The median price of single-family homes remained steady at $307,000. This is up 4.1% from the same time last year. Condos and townhomes had a median price of $175,000 up 2.2% from last month and 6.1% from last year.
Like last month, the December 2019 Las Vegas real estate market had sales that were stronger than anticipated. Despite a slow start to the year, the market is now only behind last year’s sales by 2.7%. There were 2,407 single-family homes sold last month. This is down 17% from the previous month, as is normal for the time of year, and up 5% from the same time last year. There were 539 condo and townhome sales, down 19.8% from last month and down 4.6% from last year.
New listings have been taking a hit. People are staying in their homes longer and inventory is down. There were 2,652 new single-family home listings taken last month, down 25.2% from the month before and down 17.7% from last year. 701 new condo and townhomes came on the market, down 17.3% from last month and down 5.3% from last year.
The increase in units sold and decrease in new listings in the Las Vegas area is causing a dip in inventory. There were 6,531 single-family homes available for sale last month, down 9.4% from the previous month and down 6.7% from the same time last year. Months of Inventory subsequently dipped to 2.7, heading back towards a buyer’s market.
Condos and townhomes had a different kind of month. Slower sales resulted in an inventory of 1,711, down 5.4% from the previous month, but up 6.6% from the same time last year. Months of Inventory for attached units rose to 3.2 months–diverging from the single-family market.
Predictions abound as we head into 2020. Historically election year can have a slowing effect on the market. Overall, analysts predict slow but steady appreciation over the next year.
When is the best time to buy or sell your home in Las Vegas? To be honest…it completely depends on your situation!
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All data is November 2019 numbers, supplied by the Greater Las Vegas Association of Realtors. Deemed reliable but not guaranteed. Click on photos for more information.