Las Vegas Real Estate Market Update – March 2019

Las Vegas Real Estate Market Update – March 2019


So how did the Las Vegas real estate
market fare for February 2019? That’s what we’re talking about today and we’re
starting right now. Hey everyone welcome back to my channel I’m Angela O’Hare a
realtor here in Las Vegas Nevada with The O’Hare Team at Urban Nest Realty. If this
is your first time here, consider subscribing by clicking that
button down below and even that little bell for notifications, because I talk
about all kinds of cool stuff Las Vegas related and you don’t want to miss out.
Welcome to the March issue of my monthly minute market update for Southern Nevada.
Today I will be going over February 2019 numbers. The housing markets normally busy
spring selling season may be slightly slower this year amid Las Vegas’
nationally leading price growths. The median sales price have previously
owned single-family homes, which compromises the bulk of the market, was
$296, 200 for February, down 1.3% from January but up 7.7% from February, according to
a new report from the Greater Las Vegas Association of Realtors. Last month there
a total of 1,966 single-family houses sold, up 7.8% from
January but down 7.6% from February 2018. Southern Nevada also
had a total number of 3,403 new listings for
the month of February, down 10.6% from January and up 7.5%
year-over-year. However, there were a total number of
7,134 single-family houses listed
without offers in February, down 1.7% from January, but up 95.3%
from the prior year. This number is almost doubled from a
year ago. We have about a 3.6 month housing supply in Southern Nevada.
down 8.8% from January, but up 111.4%
from the prior year. 48.2% of the closings for February
was on the market for 30 days or less. So Southern Nevada’s sales drop actually
mirror the national trend, so there’s nothing to really worry about if the
rest of the country is experiencing the same thing. But with prices rising faster
than average incomes in recent years, sellers have been slashing their prices.
Southern Nevada home prices were up 11.4% year-over-year in
December which is more than double the national rate of 4.7% according to a report by the S & P Core Logic Case Shiller index. Las Vegas
price growth was the fastest among twenty markets in the report for seven
consecutive months. Prices have been rising amid an expanding population and
a strengthened job market, but sales have tumbled amid affordability concerns. Home
builders, for instance last year close the most sales in Southern Nevada and more
than a decade and fetched the highest prices. But they started 2019 with the
fewest monthly closings in two years. Builders closed 611 new home sales in
January, which was down 14% from a year earlier and the lowest tally since
January 2017 according to Las Vegas base home builders research report. If you’re
thinking about buying a new home build this year please watch my video on, “Why
you need your own real estate agent representing you.” So what does this all
mean? Well as a seller, one of the key factors is that you need to price
your home according to market value if you want to sell your home faster. Also,
you can watch one of my videos, “Why is it my house selling?” or another video I had
was, “Tips on how to state your home to sell”
to get a better understanding on what you really need to do to get your home
sold in this market. As a buyer, the Las Vegas real estate market is starting to
pick up, after all we are heading into our spring and summer buying frenzy
season. But that doesn’t mean you still can’t get a great deal.
Our last two buyers we were able to negotiate a deal where the seller had to
pay for all of their closing costs. Which is very huge, I mean that’s huge savings
because typically closing costs can run anywhere between 2.5% and 3% of the
purchase price. But I wouldn’t wait much longer, we’re actually starting to pick
up, I’ve been sending listings to clients and the next day handful of those
listings are already under contract. So, now like I’ve been stating, is a great
time to buy while there’s less competition and then
you have less opportunity getting into a bidding war. If you’d like to download
the full report provided by the Greater Las Vegas Association of Realtors I’ve
posted a link down the description below. I hope you’ve enjoyed my monthly minute
market update for March 2019. I’m Angela O’Hare a local realtor here in Las Vegas
Nevada with The O’Hare Team at Urban Nest Realty. If you like this video be sure
to hit the thumbs up button, leave a comment down below, share with a friend,
and consider subscribing to my channel if you’re interested in learning all
things real estate in the Las Vegas Valley. Thank you so much for watching
today and I’ll see you on the next one.

0 thoughts on “Las Vegas Real Estate Market Update – March 2019

  1. Welcome to the March issue of my monthly minute market update for Southern Nevada. In this video I will be going over February 2019 numbers.

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