Finally, our weather seems to be behaving like a typical Las Vegas Summer. I was doubtful for awhile there, wondering if our entire surroundings had somehow been transplanted to Seattle. Did you know that Las Vegas has already surpassed its annual rainfall level earlier this year? We’ve had a very wet 2019, and I’m not complaining one bit - absolutely loving it!
Rain or shine, here are the top items you need to know as a Northwest Las Vegas homeowner this month.
Buyers need more options
Historically, we see home sales rise during the Summer months and this month is no exception. Last month 2,872 homes sold, and this month 3,281 homes sold … that’s a 14.2% increase from last month and a 4.5% increase from last year! Trends are showing NO signs of slowing down during our remaining Summer months.
We also saw a dramatic increase of new listings hit the market at 4,597, 6.7% more than last month, which puts our available inventory at a total of 7,855, 5.6% more homes for sale than last month!
With the surge of new listings, one might expect to see an increase in overall sales, which we saw. But, were you expecting to see a decrease in our Months of Inventory? Well, that’s exactly what occurred this month. Our Months of Inventory decreased for the 2nd month in a row to 2.4 Months on Hand. Months of Inventory or Months on Hand, by definition, means that at today’s demand levels, it should take about 2.4 months to sell all our current inventory. We’ve been on the decline for this stat over the last couple months. To maintain a healthy market, we need even more new homes for sale, because buyers are buying them up very quickly. Buyers need more options in order to sustain healthy market conditions.
No News is Good News
This month’s Median Sales Price is equal to last month’s and the month before that, steady at $300,000. In what transpired from our market adjustments over the last 12-18 months, with our Median Sales Price ranging from $290,000 - $300,000, we seem to be stabilizing on the upper end of our range. More evidence that we anticipate a gradual price increase in the months ahead. Only time will tell.
Las Vegas Market Highlights
|Single-Family Home Stats||May 2019 vs. May 2018||Analysis|
|Median Sales Price||$300,000
Up 1.7% YoY
|Over the past 12 months, we had been trending between $290,000 and $300,000. This month, last month, and the month before, we are steady at $300,000.|
|Number of Single-Family Homes Sold||3,281
Up 4.5% YoY
|We are up over 14% in the number of homes sold this month from last month, and increased 4.5% from this time last year.|
|Number of New Listings||4,597
Up 6.7% YoY
|We saw a dramatic increase of new listings hit the market, 6.7% more than last month, and up 16.5% more than last year! Let’s keep them coming, because our market can and will support it.|
|Months of Inventory||2.4 months
Up 82.6% YoY
|2.7 Months on Hand in March to 2.6 Months on Hand in April, now 2.4 Months on Hand. We are trending downward, even with the surge of new listings. Buyer actions are showing that they are willing to buy and want more options!|