March 2019 Las Vegas/Henderson Real Estate Market Update

Welcome back for another exciting Henderson monthly market update. My name is Corey Toushin and I know everyone is just on the edge of their seats waiting to see what happened in the local real estate market in March 2019.

In February it was still a little unclear the direction the market would take moving into spring in second quarter of 2019, but March stats are here and the 2019 market is looking more and more optimistic. Let's take a look at my super exciting whiteboard over here for a deeper look. 

You can see that at the end of March the total number of single-family homes in the market was just under 7,100. We had slightly less homes on the market at the end of March than we did the end of February, which is a great sign. But inventory is still 85% higher than this time last year. 4,409 owners listed their homes in March, up almost 30% from the month prior and over 18% from the same time last year. For closed transactions there were 2,621 closings in March, which is up 33% from the month before. However, it is still down about 17% for March of 2018. Median sales prices back up to $300,000 up slightly from last month, and still a healthy year over year appreciation of about 7%.  Median list prices are staying relatively flat at around $320,000. The number of homes going into contract however, within the first thirty days on the market is ticking up slightly from February to back over 50% and for comparison almost 70% of homes were selling within the same time frame this time last year.

By far, the most exciting news to report and a big reason for the spike of month-over-month home sales is that mortgage rates are back down to close to 4% for a 30 year fixed loan. That's huge! Loan applications are up considerably because of it, and buyers are looking once again to lock in at an aggressive and historically super low interest rate. 

As always if you have any questions or need any assistance don't hesitate to contact me. Tune in next month to see how the market performed in April. Take care.