Market Overview – 2020 Starts off Stronger than 2019!
January 2020 jumped out of the gate 24% ahead of January 2019! In fact, this is the best start that the Greater Las Vegas residential resale market has experienced since January 2012. January 2020 SFR closings were down 12.57% from December but up 25% up from January 2019.
SFR inventory held steady at 2.3 months overall despite the decrease in closings – primarily due to the large number of listings taken last month. There were 4138 residential listings taken in January compared to 2,646 residential listings taken in December 2019. Similarly there are now 922 more pendings than at this time last month, which represents a 25% increase in escrows over the previous month.
Again, there is a wide variance from community to community – ranging from 1 to 51 months of inventory – depending upon the specific community. Please review the attached five year special report for selected communities
The level of over pricing The SFR Over Pricing Index dropped to 54% This is due in part to many older listings finally selling at the same time that a very large batch of new listings hit the market! But note that the average amount that each SFR is overpriced increased by nearly $4,000.
The median closed sales price of an SFR closed at $305,000 which represents a drop of 2,5% from December 2019. Similarly, the average closed sales price of an SFR went from $369,314 to 4357,004. That’s 3.3% decrease from December 2019. Generally, there was more cash in the market last month and it seemed that financed transactions struggled to close more than previously. Add to that a small spike in REO sales as this niche seems to be gasping for life in the short term.
Spring Training Begins in Just Over One Week!
Three thoughts for the start of another MLB Season:
- Put Pete Rose in the Hall where he belongs!
- Ban the Houston Astros from 2020 Post Season Play!
- Congratulations to Derek Jeter!!