Today’s home buyers have 6,560 single family homes to choose from. Condos and town homes add 1,809 options. Total homes available is 8,369. That
Las Vegas Housing Market Update January - February 2020
Dated: February 29 2020
Today’s home buyers have 6,560 single family homes to choose from. Condos and town homes add 1,809 options. Total homes available is 8,369. That’s a drop from 8,751 last month and 10,279 the month before. That’s a drop of 5% from January and 21% from November.
We sold 2,292 single family homes in January. Condos and town homes added 591 closings for the month. A total of 2,883 homes changed hands. That’s down from 3,225 in December, 10% lower. The market did show a gain of 21% year over year from January 2019 to January 2020 sales.
The median home price rounded out at $310,000.
Supply of Homes For Sale - We've sold an average of 3318 homes per month for the past year. At that pace, today’s 8,369 homes would be gone in 2.5 months. Inventory this low is an indicator that we still have a seller’s market. Most experts predict interest rates will remain low this year. With low interest rates, low un-employment, it’s likely to favor sellers for awhile.
Like so many of Californians, I made the trek to Las Vegas in 2003, never knowing it would be my home 16 years the latter. Growing up in "The Bay Area", and eventually moving out to the Central Valle....