September 2019 Las Vegas/Henderson Real Estate Market Update

Hey everyone it's Corey Toushin again over at Life Realty. Hope you're all doing well, always trying to bring you as much value as I can. So we're back for another exciting market update to talk about how we ended the month of September 2019 in Las Vegas and Henderson. Let's jump right in.

The number of detached single-family homes that sold in the month of September was about 2,750. That number is down 13.2% from where we ended August 2019 and up about 12.9% from the same time last year. The number of new listings hit the market in September was about 3,523 to be exact. That number is down as well by about 14% from the previous month and down about 5.5 % from this time last year. 

Before we jump further into the stats, just want to let you know that the decline of new listings and sales month over month as we turn the curve of the summer and get deeper into the holidays is perfectly normal. We can go back years and years and look at statistics that we always see that curve go up towards the summer and then come back down towards the holiday season. So, nothing to be alarmed about. 

As far as the number of homes we had on the market at the end of September we had about 7,300 homes which is down 5.6% from where we were in August and still up about 19.3% from the same time last year. Overall still a very healthy number of homes that are on the market for sale. The median sales price, we keep seeing that tick up. It closed September at $310,000 - $5,000 higher than it did in August. So we continue to see that number pick up, which is just great signs for the Las Vegas and Henderson market overall, seeing that median sales price go up.

Let's talk about being a buyer and a seller moving into the holiday season and what advantages you have being on either side of the court.

Let's start with sellers, if you're planning on putting your home on the market in the holiday season, and as I talked about earlier in the stats we start to see a number of new listings decline towards the holiday season. So if you put your home on the market theoretically you're going to have less competition around you. You're also going to encounter the buyers that have the most motivation to be shopping and closing on purchases during the holiday season as well. So it's a great climate to be a seller. Also, homes typically show better during the holidays and they're all decorated and smell good too. 

If you're a buyer in the marketplace right now, you're going to take advantage of super super low interest rates still. They're averaging around 3.75 % for a 30-year fixed mortgage, so definitely an interest rate that you can brag about for the next 10 to 15 years. If you're shopping also during the holidays, after November 1st you're going to be encountering the most motivated sellers that are putting their homes on the market this time of year. So, what happens when you put motivated buyers and motivated sellers together in a dea? Youl make a great deal and a great negotiation and both parties are happy. And that's always ultimately the goal.

To finish off real quick, just want to talk about a topic that's very relevant in the marketplace right now and that doesn't just apply to Las Vegas, but it applies to nationwide overall. The general consensus talking to colleagues of mine all the way across the country, from the Northeast to the South to the Pacific Northwest, if your listing is not compelling, it's not selling. Let me explain that for a second. What is selling in a market right now that I'm seeing? What's selling are homes that are turnkey, updated and price at turnkey premiums. Typically still selling pretty quickly and strong and what's not selling our homes that are not turnkey and not updated that need a lot of work but there's still price at that turnkey premium. Those seem to be sitting on the market for a lot longer and ultimately get price reduced either once or twice, and at the end of the day they typically sell for a lower price than they should have if they were the price right out the gate. Just something very important to keep in mind if you're going to be a future seller in the marketplace. 

And when I'm meeting with with homeowners and future sellers, right now, we're taking more time to really go through the preparation process, and make suggestions on small things we can do to these homes that make them more turnkey attractive, which will trigger them to sell at a more turnkey price in a faster amount of time, because ultimately that's our goal and the service that we offer to our sellers. Hopefully that helps and hopefully you enjoy this video. Until next time have a great October and we'll see you in November. Take care.