January 2019 Vegas Real Estate Market Update
I’m Corey Toushin with the Corey Toushin Group over at LIFE Realty here to break down everything that happen in the real estate market in January 2019. I've got all the stats written here on the board. I just want to let you know that these are single family home statistics for Las Vegas and Henderson and keep in mind if you live in a particular community there are a lot of micro market stats that can differ. So if you have any questions on your specific home or any specific community reach out to me I'll be happy to go over them with you.
So let's jump right into the stats. So new pending contracts for January we had 1823 which is down almost 20% from last year January 2018. So keep in mind this column is all from January 2018. New listings that hit the market 3805 for the month of January and that's up 22.7% from what hit the market in January 2018.The median sales price of a single-family home is $300,000. This is a great number so year over year up 13.2%, great signs of a good market and you should know that's a up about 5,000 from where homes closed that in December of 2018, just a month ago. Active listings we currently have 7254 active listings on the market currently, which is up 95.1% from where we were in January 2018, so almost double the inventory that we had in January 2018. This is very interesting, the median price of an active listing in the market right now is $338,000 whereas we just went through the median sales price is $300,000. So there's about $38,000 differential between what's on the market and what's closing and we'll talk about that in a sec. As far as days on the market go, so how fast homes are selling once they're put on the market, homes are selling between 0 and 30 days currently in January it's happening 48.3% of the time, which is down 10% from well how fast they were selling January of last year.Homes selling between 31 and 60 days is at 23.7% which is up 6.4%. You can see already the markets taken a little bit of a change homes are taking a little bit longer to sell on average. Then homes selling within 61 to 90 days is at 14.6% up 4.2% from January 2018. You can still see a majority of homes are still selling within 0 to 60 days, which is a great sign. Interest rates also hit a twelve month low last week. They're averaging about 4.25% for a 30-year fixed conventional loan whereas at one point last year they were floating around 5%, so if you're a buyer coming to the market a great time to apply for a mortgage and really lock in a great interest rate.
So what's going on overall? Inventory is up, however it's still at a normal level. It's not quite a buyers market, it's not quite a seller's market. It's right there in the middle called a normal market. Homes are selling if they're priced right. Homes are selling of course, if they are in an upgraded, updated condition.If a home is not in an upgraded, updated condition, it just needs to be price appropriate and it will sell. What we really need to make sure of is that the median price of an active listing is closer to where the median price of homes that are selling are at, so we can keep homes turning over and selling, keep the market going in the right direction. And I think 2019 is gonna be a great market. If you have any questions reach out to me anytime. Happy to go over anything with you. Have a great day. Thanks.