October 2019 Las Vegas/Henderson Real Estate Market Update

Hey everybody, Corey Toushin here with LIFE Realty. It is November 11th and I can't believe we're already close to Thanksgiving, and coming up to Christmas. I hope everyone's having a great fall.

I'm here once again to bring you market stats for October 2019 and tell you how the market performed. And if you have any questions on any of this, of course, always please let me know. I hope this brings you value, so I encourage you to share this with all your friends and family. Before further ado, let's get right into the stats.

At the end of October 2019 as far as homes sold, we had 2,899 homes sell in the month of October. And that surprisingly was up almost 6% from the month prior and it was up almost 8% from the same time last year. We don't usually see that in October. We usually see sales gradually decline, like I said in last month's video, from the end of summer down towards the holidays. In my opinion, that was triggered from just a historic drop in mortgage rates from the end of the summer. Everyone was trying to really lock in and purchase their homes while rates were still in the mid three’s.

As far as new listings, we had 3,544 homes hit the market in October. That was pretty flat month over month and it was down about 8% from the number of listings that hit the market in October 2018. As far as single-family home inventory available on the market at the end of October 7,210 homes, down about 2% month-over-month from September and up about still about 4.2% year-over-year, so 7,200 homes on the market. Like I mentioned in last month's video, there is still a very healthy amount of inventory where it's not necessarily a buyers market, not necessarily a seller's market, it's kind of right there equally in the middle, so great signs. 

The median sales price at the end of October was $307,000. We started the year at $300,000 and the median sales price is up about 4.1% from this time last year in October 2018. So overall, about 73% of the homes that hit the market are still going into contract within the first 60 days. In my opinion and, as I mentioned in previous month's videos, any home sitting on the market right now for more than 60 days is likely to be priced too high, in a condition that's not desirable, or it just simply doesn't have the right marketing exposure.

So if this video brought you value, I hope it did, please share it. I Hope everyone's gonna have a great Thanksgiving and I will see you again about this time next month. Take care, bye.