The Las Vegas real housing market remained strong last month. Sales were up significantly compared to this same time last year and the median sales price finally outpaced pre-recession prices. As of yet, the only effect of the coronavirus is that mortgage rates are at an all-time low. Read or watch for the full March 2020 Las Vegas Real Estate Market Update.
The median home price for single-family homes in the Las Vegas area was $316,000, up 3.6% from last month and up 6.7% from last year. Before the crash, the median sales price was $315,000. It might seem ominous passing this milestone, but adjusted for inflation, the $315,000 would be like today’s homes selling for $400,000.
Condos and townhomes saw similar gains. Their median sales price was $175,000, the same as last month and up 6.2% from last year.
2018 year started out slow, possibly due to fears of a recession, but 2019 is full force ahead. There were 2,471 single family homes sold. Up 8.2% from last month and most significantly up 25.7% from last year.
618 condos and townhomes sold, up 4.4% from last month and up 14% from last year.
Inventory started to creep up in 2019. So far this year, we are seeing fewer people listing their homes. That coupled with increased demand is driving down inventory. There were 4,240 single-family homes available, down 13.6% from last month and down a whopping 40.6% from last year. Months of availability for homes is 1.7–solidly a seller’s market.
Available condos and townhomes have also decreased dramatically. 1,214 condos and townhomes were available for sale. This is down 14.4% from last month and down 30.8% from last year. Condos and townhomes have 2 months of availability.
6 months of availability is generally considered a “balanced market” that neither favors the buyer or the seller.
At the time of recording and writing, COVID-19 is still new to Las Vegas. Its full effect on the real estate market has yet to be seen.
As of right now, the effects of coronavirus have actually been quite positive for the housing market. Mortgage interest rates are at a low point we haven’t seen for years. Average rates are 3.3% for a 30-year mortgage and even lower for a 15-year mortgage. In fact, lenders are having to turn people who want to refinance away as they’re too backed up.
Check back for next month’s update to see what further effects the virus may have.
2020 is starting off strong. We’ve seen it in our own business–our phones started ringing off the hook on January 1st and haven’t stopped. However, this increased demand isn’t being met with enough inventory.
Buyers have fewer options to choose from and may face multiple offers on well prices properties. It’s a great time to sell–sellers contact us on our strategy for pricing your home to encourage multiple offers (it works!).
Thinking of buying, selling, or just have questions? Click SCHEDULE YOUR FREE CONSULTATION in the upper right hand corner of your screen.
All data is February 2020 numbers, supplied by the Greater Las Vegas Association of Realtors. Deemed reliable but not guaranteed.
