Greater Las Vegas Real Estate Market Update – February 2019

Las Vegas Market Overview

Click Here for the Current Las Vegas Market Individual Reports

Click Here for the Current Las Vegas Market Update Report

The Las Vegas 4th quarter 2018 market slowdown has continued into the first month of 2019 with opening month closing the worst since January 2015.  Yet supply of inventory has risen sharply in the face of lower demand resulting in 4.2 months of SFR inventory.   However, the chart below depicting sales by community reveals anywhere from 2 to 20 months of inventory – depending upon the specific community.  The good news is that this market shift  has put downward pressure on listing prices of available inventory even as SFR closed sales prices improved.   Consequently the big news is that the overall level of overpricing dropped markedly this month.  January 2019 SFR closed sales fell nearly 20% from January 2018 and 15.5% from December SFR closings.  Even so, the median closed sales price of an SFR nudged up to $300,000 in January for a 1.3% increase over last month while the average closed sales price of an SFR improved to $351,518 for a 1.1% increase over December 2018.

So is there light at the end of the tunnel? Or did the government shut that off as well?? Yes! The silver lining is that pended sales are up nearly 14% from last month – and we all look forward to those additional closings.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.