February 16, 2020 at 8:47am | Shauna Gut

Love is in the air … or could it be the funny feelings from the leprechaun's beverage of choice?


For most of us, our homes are the largest asset we’ll ever own—so you are right to want to understand this asset and the market you are in. Here are the top things you need to know as we enter the new year.



Median Sold Price Pulled Back


Median Sold price leveled off at $305,000 this month, as expected after December’s huge month.  The lessening in Median Sold Price could be due to the overall drop in overpriced homes. Last month, we saw that over 70% of homes were overpriced… and this month that stat dropped to about 54%. With 2019 closing out, many of the listings that had been on the market for long periods of time, finally sold. Plus, a new batch of correctly priced homes hit the market, and then quickly sold.  










Why Are Inventory Levels STILL Low?


As expected, there were a slew of New Listings hitting the market in the month of January… but not the surge we expected. December brought in only 2,001 New Listings. As expected January brought in many more (3,097), but not enough to satisfy buyers.


Our December inventory levels were way down, with only about 5,500 homes available for sale. The expectation was that the number of January New Listings were <<hopefully>> going to bring inventory levels up, perhaps to that golden 3 Months of Inventory on Hand. 


As the stats show, the number of January New Listings did increase 54.8% from December but was overall down 18.6% from last January’s New Listings. Leaving us still, with low inventory levels. 


We actually have slightly fewer available homes, at 4,906. Currently, our entire market has about 2.1 Months on Hand. When we break down the various price points, we see that the higher price points, typically incur a longer time on the market. And, it’s not too surprising. One reason is that as the price point increases, the potential buyer pool decreases, mainly because there are fewer buyers who have the means to purchase higher priced homes.





If you are thinking of selling, KNOW that you deserve to sell your home for top dollar AND have a hassle-free real estate experience. 


You’ve worked hard for what you’ve earned, and you’re right to want a home that better fits your lifestyle. 


With ROI-based property updates, highly targeted pre-listing marketing and a systematized approach, you can rest easy knowing you are in good hands.


If you are thinking about selling your home in the next 12 months, 

call today for your strategic marketing consultation 🡪 (702) 222-3366


We will cover your goals, and our unique approach to getting you the highest possible price in the fewest days on market.


To your success! 




Real Estate Market Highlights


Single-Family Home Stats

January 2020 vs. 2019

Analysis

YoY = Year over Year

Median Sold Price

$305,000


Up 1.7% YoY


January produced a leveling of our Median Sold Price. Down 2.6% from December’s booming $312,500 Median Sold Price.

Number of Single-Family Homes Sold

2,283


Up 25.2% YoY

We sold roughly 325 less homes in January 2020 (2,283) than in December 2019 (2,609).

Number of New Listings

3,097


Down 18.6% YoY

December brought in 2,001 New Listings. AS expected January brought in many more (3,097), but not enough to satisfy buyers. 

Months on Hand / Months of Inventory

2.1 Months


Down 46% YoY

Despite New Listings increasing 54.8% since December, our inventory levels are still low. Mainly due to an increase in Units Sold and Less New Listings than this time last year.

*The month depicted in the statistics is January 2020. February stats will be available at the beginning of March.

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