Las Vegas Real Estate Market Update – January 2020

Las Vegas Real Estate Market Update – January 2020

Curious to know how the real estate
market fared for December 2019 and end of your numbers? Well that’s what I’m
talking about today and I’m starting right now1 Hey everyone welcome back to my channel
I’m Angela O’Hare a realtor here in Las Vegas, Nevada. Welcome to my monthly
market update for Southern Nevada and in this issue I’m gonna be going over
December 2019 numbers. The Las Vegas housing market ended 2019 with a burst
in sales, but overall fewer homes sold and 2019 then from the previous year.
According to the Greater Las Vegas Association of Realtors there were 2,609 single-family homes that sold in the
month of December, up 8.4% from November and up 21.8% from December 2018. Also the
median sales price of previously owned single-family homes
increased to $312,990 from 307,000, up 2% from November and up 6% from the prior year.
So as you can see last month in December we over exceeded our sales.
Having an increase compared to December 2018 is actually huge. Southern Nevada
also had a total number of 2,001 new listings for the month of December, which
is down 24.5% from November and down 14.3% from the
prior year. There were also a total number of 5,538 single-family houses
listed without offers at the end of December, down 15.2% from November and
down 16.3% from the prior year. These numbers are
actually quite interesting. For 2019 and throughout most of the year we had a
sharp rise in available listings, but as we approached the end of the year we took
a sharp decrease in listings. Which is kind of scary if you think
about it. We had less listings for December 2019 than we did for December
2018. So that’s kind of scary because that means that we could be in a
situation as we were for 2018. This can only mean one thing in my opinion, I have
a feeling that 2020 is going to be like 2018, especially when you see that sharp
decrease in inventory. We are going to have the same issues as we did for 2018
with the typical supply and demand; we have the demand however we don’t have
the supply. Hopefully that’s not the case, I hope that comes springtime a lot of
these sellers are going to list your house, we need houses. 5,500
houses without offers is not a lot because I remember all last year it
hovered around the seven to eight thousand range, so 5,500 is
very light. Again I hope that changes, it’s good for sellers and could be bad
for buyers because we may get into a situation where we are doing this whole
bidding war thing again. But basically November and December I had been helping
clients and during the $350 and under range and we were seeing a lot of
multiple offers, agents getting back to me saying please produce your highest
and best offer, which kind of sucks. Especially when the houses have been
sitting on the market for over 60 days, 90 days and then all of a sudden they’re
getting multiple offers. I don’t know what’s causing the surge as to why
people want to buy. But I’ve also been busy this month, I already have a closing
January and I have another closing in February and I probably will
have two or three closings in February and that’s how busy I am. For some reason,
I think I read an article or saw an article by that January is
the new April. I believe it. I believe that January could be the new April,
especially now with income tax returns coming, people doing their taxes, and the
holiday season is finally over people are now ready to commit to buying. So
again these numbers I’m gonna go over the rest of these numbers um but I’ve
been saying this I don’t see a recession happening for 2020. I’ve had lots of
clients over the past three and a half years wait for 2020 because they felt
that the home prices will decrease. I don’t think it’s gonna happen especially
with the low inventory that we have and so many buyers out there right now.
I think the prices are going to continue to rise for 2020. Again as I said, I could
be absolutely wrong and my predictions could be just nothing. And I said last
month also that we could just have a year just like 2019, which I’m fine with
that because then the appreciation was not much overall, year to year. There’s
about a 2.1 months of housing supply on the market, which is down 21.8% from
November and down 31.3% from the prior year. It is still favoring a seller’s
market right now, when it becomes a buyers market is when there’s about six
plus months of inventory available. With only 2.1 months of inventory that means
that it’s still in the hands of the sellers. But doesn’t mean really you
can’t get a deal, just because it’s a “seller’s market” there’s still a lot of
homes out there that have been on the market for some time, even some ones that
are move in ready. So you still may be able to get a great
deal. I actually just went under contract with one client where we were able to
negotiate down in price by two thousand and then also had the seller still paid
forty five hundred and her closing costs. So the key is to having a real estate
agent that knows how to negotiate accordingly. and about 48.7% of the closings for the month of December closed in 30 days or
less. In November this number was 51.4% and in December
2018 it was 55.3% of the homes were on the market
for thirty days or less. 50% is not bad, I remember in 2018 it was
hovering around this 60 to 70% But at least 50% of
the homes are selling within the first thirty days.
The key to selling your home is a lot of strategy and I’ve done videos on that.
I’ll post a link above about how to sell your home or stage your home, I can’t remember
exactly what it was called. But it’s important to know; one price it
accordingly and two have it move-in ready. Overall for 2019 there was a total of
41,269 single-family homes that sold. Which
is not bad it’s only about 4% down compared to 2018. In my opinion,
that’s pretty good since 2018 was and the peak of the years, I mean that was
when it hit the peak, absolute peak. Crazy! So a 4% difference between 2018
and 2019 is actually really good considering how we had a very slow start
for 2019 with the rise in inventory and not enough demand out there. But if you
would like to download the full report provided by the Greater Las Vegas
Association Realtors, I’ve provided a link down in the
description below. Also if you’re thinking about buying or selling in the
Las Vegas Valley ,you can always give me a call 702-370-5112. I hope you’ve enjoyed my monthly market update for January
2020. By the way I forgot to mention, Happy New Year everyone.
I’m Angela O’Hare a local Las Vegas realtor and I’m here to answer all your
real estate questions. So if you like this video you know what to do; hit that
thumbs up button, leave a comment down below, share with a friend, and consider
subscribing to my channel if you’re interested in learning everything and
anything about this awesome Las Vegas Valley! Thank you so much for watching
today I’ll see you guys on the next one!

19 thoughts on “Las Vegas Real Estate Market Update – January 2020

  1. Welcome to the January issue of my monthly market update for Southern Nevada. In this issue I will be going over December 2019 numbers.

  2. There have been periods over the last few years where home sales lagged here, but it has mostly been due to lack of inventory. Interesting to see what is happening around the country!

  3. Another doozie of a Las Vegas Real Estate Market Update. I luv how ez it is to stay current Angela! You do the research, I kick back (eating bon-bons), click a button, and get informed.

  4. Looks like Vegas is in a similar situation as Jersey with low inventory. I hope more homes list in the Spring as well. Tough market for buyers.

  5. Thank you for the market update Angela. Valuable information everyone should be aware of (regardless of buying or selling).

  6. Thanks for keeping me updated on the Las Vegas real estate market Angela! Ended the year with a bang!

  7. I agree, no one waits until April in markets where the weather is pretty good. Once the holidays are over, things really take off.

  8. Thanks Angela for the update on your area. We still have about .9 to 1.2 months inventory. and are seeing some bidding wars when we get a new listing that of course is priced right. the usual uptick in new listing as the first of the year has not started to happen here yet!

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