February 2019 Vegas Real Estate Market Update
Hi Corey Toushin here with Life Realty. Today we're going to review how the real estate market performed in February 2019 and where it's headed as we enter the spring market.
The data, we discuss in these reports are for single family detached homes in the Las Vegas/Henderson market. So it's just a very general depiction of the market as a whole, but the specific performance of your home may or may not differ from these stats depending on several factors.
Despite a lot of conflicting media reporting that's going on recently that the market is going to slow down in 2019. We're not really seeing much truth to that so far. So let's take a look at all the numbers we have up here on the board and see. So, in February we ended the month with fewer homes on the market then we did the month prior, specifically at about 7,134 compared to about 7,254 homes. When we ended the month of January. In addition, we saw about a 10% drop in new listings for February, which is normal since we normally see an annual surge of new listings in January, right after the holidays.
The median sales price was down slightly from the month prior by about 4,000 but this number fluctuates and has been fluctuating within about $5,000 for the last several months. However, it's still significantly higher than it was around this time last year, which is great. So we saw more homes sold in the month of February by about 143 then we did in the month of January, which is also great. As I discussed in last month's update, we would see more home sales and a drop in market inventory if the median price of an active listing was closer to the median price of a closed listing. So this proved to be true as the median price of an active listing is now about 5% lower than the previous month.
So this means that homes now are more appropriately priced on average, giving them a better chance to sell and keep the market moving in the right direction. It's never been a better time to be a home buyer, so there are twice as many options to choose from.
Then there was this time last year and interest rates just hit another 12 month low, fluctuating about a 4.35% for a 30 year fix conventional loan, plus did you know because of recent loan limit adjustments, you can now purchase a home on a conventional loan in Clark County up to about $484,000 with only 5% down. That's huge. Last week I was reading a report and I was surprised to read that based on that survey, over 50% of non-homeowners thought that they needed a minimum of 20% down to purchase a home.
I hope that all this information was helpful. If you have any particular questions or would like to schedule a strategy session with me, don't hesitate to reach out. See you all next month.