A Look at the Numbers From Our Real Estate Market— Then & Now

It’s time for another update on our local real estate market. In today’s video, we’ll see what the numbers tell us about the past, present, and future of the Las Vegas market.

Year over year, the average sale price showed notable appreciation, rising from $280,000 to $316,000 in January of this year.

We’ve also witnessed a year-over-year increase in inventory. Last year at this time, we had 7,400 properties listed on the market, whereas this year, inventory swelled to 11,500 properties in January and 11,124 in February.

We’ve had a 10% dropoff in the number of homes sold year over year. In January 2018, 3,000 were sold as compared to 2,400 in that same month this year. February 2018 saw 2,800 home sales while only 2,644 sold in February 2019.

The coupling of 2018’s inventory shortage and high buyer demand elevated home prices for the year, making last year a great one for sellers. As for the present, the market has normalized a little more and, in contrast to where rates were just six months ago, they’ve fallen to around 4.5%.

With summer break and families moving in the coming months, we anticipate a highly active spring and summer market.

If you’d like to obtain detailed information about your own property and are thinking about selling, please give us a call. If you’re a buyer, don’t shy away from the opportunities that weren’t necessarily available to you in year’s past and give us a call as well. We look forward to speaking with you!