2019 housing sales finished stronger than anticipated. While we saw a slow start to the year, sales picked up in the fourth quarter and finished just behind 2018 sales. Home value appreciation was steady. While inventory was slowly increasing at the start of the year, fewer sellers/new listings isn’t keeping up with demand and inventory remains low. Watch below or read for the full January 2020 Las Vegas Real Estate Market Update and for our Las Vegas Housing Market Predictions 2020.
The median price of single family homes grew 6% from the previous year to $312,990. Condos and townhomes saw an even larger increase of 8.9% to $178,000. This appreciation is slower than we’ve seen in previous years but indicates a healthy housing market.
As we mentioned previously, sales finished the year off strong. There were 2,609 single family homes sold in December 2019. This was up 8.4% from November and up 21.8% from the previous year. 605 condo and townhomes closed in December. Up 12.2% from the previous month and up 17.2% from the previous year.
Total residential sales for 2019 were 41,269. This is slightly down from 42,876 in 2018 and from 45,388 in 2019.
There were 2,001 new single-family listings taken last month, down 24.5% from the previous month and down 14.3% from the previous year. There were 547 new condo and townhomes to hit the market, down 22% from the previous month and down 8.8% from the previous year.
Overall in 2019, there were slightly more listings taken than in 2018.
The Las Vegas real estate market ended the year with 5,538 single-family homes available for sale. This was down 15.2% from the previous month and down 16.3% from the previous year. Available condos and townhomes were also down 9.1% from November and but were actually up 1.8% from the same time last year.
This lower availability has also pushed months of inventory down. There are 2.1 months of inventory for single-family homes and 2.6 months of inventory for condos and townhomes, both of which favor the seller. A balanced market sits around 6 months of inventory. In this seller’s market, we see fewer seller concessions such as closing costs.
While we’re not economists and don’t have a crystal ball, all signs point towards a healthy housing market in 2020. New home builders indicated heavier than usual traffic in their models in December, typically a sign of strong impending sales. Demand remains strong for homes and interest rates are expected to remain low (great for buyers!)
In addition, Las Vegas is seeing an influx of Californians and others relocating from out of state. This increased demand will help support a strong 2020 housing market.
People are staying in their homes for longer–13 years as opposed to the 5 years they used to average and this is translating to fewer homes on the market. The strong buyer demand coupled with less inventory indicates 2020 will remain a seller’s market, with slow and steady appreciation around 3%.
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All data is December 2019 numbers, supplied by the Greater Las Vegas Association of Realtors. Deemed reliable but not guaranteed. Click on photos for more information.