November 2019 Las Vegas/Henderson Real Estate Market Update
Hey everyone, Corey Toushin over at the Corey Toushin Group at Life Realty. Hope everyone's doing great. We've now reached December, 2019 it's holiday season. We're coming into new decade and I'm always here to keep you informed on everything real estate. So I'm going to share some statistics for you month over month, year over year, and tell you about a very exciting revelation that came out in the financing world a couple of weeks ago that's really going to have a good, strong impact on the market in my opinion, moving into 2020. So without further ado, we'll go into the stats and if you have any questions, concerns, comments, or like to open up conversation about any of this stuff, please feel free to reach out to me anytime.
So let's start with home inventory. So the number of homes currently on the market at the end of November was about 6,500 that's down about 10% from the month prior. To give you some perspective, throughout 2019 we've seen a fluctuation of inventory anywhere from 7,200 at the low end to 7,800 homes currently on the market. The lower inventory goes, theoretically the more upward pressure on pricing goes, just because there's less options, more buyers. So you know, supply and demand theory prices go up. So lower inventory equals an advantage for sellers overall in the market. As far as new listings go, we actually saw a 25% drop in new listings month over month, which is not very uncommon this time of year moving into the holidays. But just notice that that's an 8% steeper drop from the drop we saw back in 2018, this same time last year as far as home sold month over month down about 17%. Again, not uncommon moving into the holiday season where there are less buyers out shopping for homes.
However, more serious buyers are out shopping for homes, the median sales price at the end of November, we ended up $307,000 which was the same from the previous month and still up a healthy 4% of her take from this time last year. So the exciting announcement I was talking about in the financing world, we are finally seeing another increase in loan limits for Conventional loans, FHA loans and VA loans. Whereas before, for the last year and a half or so, conventional loan limit was $484,500 is now going up $510,000. The FHA previous limit was $287,500 which will now increase it $345,000 and as far as VA benefits, if you qualify for VA any military experience, they're not going to be any loan limits on VA. But those nuances and the program specifics are not yet released yet. So stay tuned for those. So as prices have risen over the last couple of years, but the loan limits have stayed the same. We've really seen an increase in home inventory in the mid to high end price points and we've really seen first time home buyers struggle to obtain property in the lower price points as they're getting pushed out from an affordability wise. So increases in loan limits will open up opportunities for buyers to purchase homes that were previously beyond their reach, both from a financial and a credit standpoint, which is very exciting because it will keep home selling at a healthy pace.
Moving into 2020 I hope this information was very helpful. Again, if you have any questions or comments, please feel free to reach out to me anytime. Have a very happy holiday and a healthy new year and I'll see you all in the next decade. Take care