The Las Vegas housing market is having a strong start to the year. Sales are up significantly, however this coupled with lack of new listings is taking its toll on inventory. Read or watch for the full February 2020 Las Vegas Real Estate Market Update.
The median price of single-family homes dipped t0 $305,000, down slightly from last month. This is normal for the time of year as people tend to take a break from home shopping over the holidays. Condos and townhomes also saw a small decrease in median sales price to $175,ooo.
This year started off extremely strong–a good indicator for what’s to come. Sales of single-family homes were 2,283, up a whopping 25.2% from last year! 592 Condos and townhomes closed this month, up 22.8% from the previous year.
Here’s where things get tricky. 18.6% fewer single-family new listings and 13% few condo and townhome new listings hit the market last month. This lack of new inventory coupled with increased demand has taken a hit on available inventory.
There were 4,906 single-family homes available (without offers) last month. This is down 32.4% from the same time last year! Condos and townhomes are also seeing a crunch. 1,418 available units are a decrease of 16.7% from last year.
Strong sales are an exciting start to the year! However, with decreased inventory and months of inventory at 2.1 months for single-family homes and 2.4 months for C&TH, expect the market to stay “a seller’s market” as we move into the spring.
What does this mean for buyers and sellers? Potential bidding wars on well-priced properties.
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All data is January 2020 numbers, supplied by the Greater Las Vegas Association of Realtors. Deemed reliable but not guaranteed. Click on photos for more information.