May 2019 Las Vegas / Henderson Real Estate Market Update
Hello. Once again, I'm Corey Toushin, committed Realtor with LIFE Realty. It's that time of the month again where I analyze and break down market stats from the previous month and give my thoughts on the current real estate market. Let's look at what happened in May 2019.
As always, the key data points I consider to get an accurate feel of the local market includes current active single-family detached home listings, also known as inventory, number of new listings, units sold, median sales price, and the median price of homes currently on the market. I look at the previous month's performance then calculate the month over a month and annual changes to see where we stand.
Starting with active inventory for May, we're up another 5.6% from the previous month with 7,855 homes currently on the market, making our inventory increase almost 11% over the past 60 days. Still a significant increase over last year, at almost 91 % as well. The number of new listings in May is also up almost 7 % at just under 4,600 homes hitting the market within the month. From this time last year, that's also an increase of over 16%. The promising news is that homes sold within a month was up 14.2% from the month prior at about 3,281 units, a 4.5 % change from this time last year. Another very interesting fact is that the median sales price of a single-family home is still holding flat at $300,000, where it's been for the past four to five months. For context, our median sales price reached its peak in 2008 at $315,000. Where many markets have already surpassed their once median sales price peak, we still have room to grow and our local economy is much different than almost 12 years ago.
Inventory continues to rise for a reason. It's a fact that more homes are hitting the market than those that are selling. It's important to realize that the median price of an active listing on the market is still 8% higher than a home that is currently selling in this market. The point is, if you're seriously trying to sell your home, you must realize that a majority of homes sitting on the market are just simply overpriced. If inventory continues to increase, the market will become even more price sensitive than it currently is, and potentially convert to a buyers market.
Lastly mortgage rates have once again dipped below 4%, that is crazy. This opens up so many significant opportunities for everyone. Low rates create a great climate to trade properties, buy new property, and even refinance your current mortgage to potentially save significant costs.So reach out to me anytime for a great lender referral. If you have any questions about this information, or would like to schedule a consultation with me, please don't hesitate to reach out. Until next month. Stay cool out there.