Greater Las Vegas Monthly Real Estate Market Report - April 20195/18/2019
For much of the country, the first quarter of 2019 provided several disruptive weather patterns that contributed to less foot traffic toward potential home sales. Coupled with low affordability, higher prices and an inventory situation in its infancy of recovering from record lows – not to mention several more days of wintry weather in April – slower sales persisted across most residential real estate markets. However, buyers are beginning to return in force this spring. For well-priced homes in desirable locations, competition is fierce.
Closed Sales decreased 1.2 percent for Single Family homes but increased 7.5 percent for Townhouse/Condo homes. Pending Sales increased 17.3 percent for Single Family homes and 17.7 percent for Townhouse/Condo homes. Inventory increased 41.9 percent for Single Family homes and 56.8 percent for Townhouse/Condo homes.
The Median Sales Price increased 3.8 percent to $300,000 for Single Family homes and 11.1 percent to $172,200 for Townhouse/Condo homes. Days on Market increased 53.3 percent for Single Family homes and 78.3 percent for Townhouse/Condo homes. Months Supply of Inventory increased 47.6 percent for Single Family homes and 55.0 percent for Townhouse/Condo homes.
Although hiring and wage gains have been below expectations, the national unemployment rate held firm at 3.8 percent. A historically low unemployment rate can provide reassurance to wary consumers. But in order for sales to increase on a grand scale, buyers will need more spending power, or sellers will need to reduce prices to land where buyers are most active. Neither situation is likely to occur in 2019, and yet inventory is straining to keep pace in the most competitive price ranges.
Current as of May 2, 2019. All data from Greater Las Vegas Association of REALTORS® MLS. Report © 2019 ShowingTime.