Greater Las Vegas Monthly Real Estate Market Report - February 20193/7/2019
It is worthwhile to mention the weather when discussing residential real estate for large portions of the U.S. for February 2019, because this month has turned in some impressively cold, rainy and snowy days that have stalled some buying and selling actions. Nevertheless, housing markets have proven to be resilient despite predictions of a tougher year for the industry. It is still too early to say how the entire year will play out, but economic fundamentals remain positive.
Closed Sales decreased 8.3 percent for Single Family homes and 6.7 percent for Townhouse/Condo homes. Pending Sales increased 3.2 percent for Single Family homes and 14.1 percent for Townhouse/Condo homes. Inventory increased 42.5 percent for Single Family homes and 68.4 percent for Townhouse/Condo homes.
The Median Sales Price increased 7.6 percent to $296,000 for Single Family homes and 10.0 percent to $165,000 for Townhouse/Condo homes. Days on Market increased 32.4 percent for Single Family homes and 62.1 percent for Townhouse/Condo homes. Months Supply of Inventory increased 57.9 percent for Single Family homes and 61.1 percent for Townhouse/Condo homes.
The National Association of REALTORS® recently reported that national existing-home sales were down slightly during January 2019 and that pending sales were up in year-over-year comparisons. It is worth noting that some softening of sales was anticipated, as was a positive sales bounce during January 2019 after a slow end to 2018. Weather-related events have hampered some of the necessary machinations of making home sales during February 2019, yet buyers have shown determination toward achieving their homeownership goals.
Current as of March 4, 2019. All data from Greater Las Vegas Association of REALTORS® MLS. Report © 2019 ShowingTime.