Las Vegas Real Estate Market Update – April 2019
Articles,  Blog

Las Vegas Real Estate Market Update – April 2019


So, how did the Las Vegas real estate
market fare for March 2019? Well that’s what we’re talking about today and we’re
starting right now! Hey everyone welcome back to my channel I’m Angela O’Hare a
realtor here in Las Vegas, Nevada with The O’Hare Team at Urban Nest Realty. If this
is your first time here, consider subscribing by clicking that button
right down below and even that bell for notification. Because I talk about all
kinds of cool stuff Las Vegas related and you don’t want to miss out. Welcome
to the April issue of my monthly minute market update for Southern Nevada. Today
I will be going over March 2019 numbers. Las Vegas’s main Housing Association
has predicted a rosier spring selling season after a jump in sales last month.
But resales are still well below the 2018 levels and the tally of ignored
listings remains much higher than it was a year ago. Last month there were a total
of 2,621 single-family houses that sold, up 33.3% from February, but down 16.8%
from March 2018. The median sales price of previously owned single-family homes,
which compromises the bulk of the market, was 300,000 in March. Up
1.3% from February and up 7.1% from March 2018, according to a report
provided by the Greater Las Vegas Association of Realtors.
Southern Nevada had a total of 4,409 new
listings for the month of March, up 29.6% from
February and up 18.4% from the prior year. However, there were a total
number of 7,091 single-family houses listed without
offers in March, down 0.6% from February, but up 84.9% from the prior year. There
is now 2.7 months of housing supply in Southern Nevada, down 25.4% in
February and up 122.4% from the prior year.
Months of supply is a good indicator of whether the real estate market is
favoring buyer’s or seller’s. Typically a market that favors sellers has less than
six months of supply, while more than six months of supply indicates that there’s
excess of homes for sale that favors buyers. 51.9% of
the closings was on the market for 30 days or less. Nationally the average rate
for a 30-year mortgage in March was 4.27%, down 4.87 in November, according to the mortgage giant Freddie Mac. Now if you
ask me, that’s actually pretty good you know November it was getting pretty
almost to the five percents and now we’re in the mid four point five two low
fours, that’s actually really good. Despite Las Vegas’s higher home values,
resale prices are still way below our pre-recession peak and further below
when adjusted for inflation. The median sales price at previously owned single
family homes peak to $315,000 in June 2006, according
to the Greater Las Vegas Association of Realtors. Adjusted for inflation, however,
the peak was around $392,470 in
today’s US dollars. Which is about $92,000 above today’s current
median price. Bottom line is this; The Las Vegas housing market is actually
picking up, however homes are not selling like they did from a year ago. There’s a
lot more inventory to choose from and buyers are being much more pickier than
years past. If your home has been on the market more than 30 days, then you need to
ask yourself a few questions. One, is it priced at fair market value, meaning is
it priced at or below the current market value? Number two, does your agent use a
professional photographer to take photos of your home or did he or she use their
cell phone to take photos? It could be a major difference, when you use a
professional photographer. Number three, is your home move-in ready? Meaning is it
spotless, clean top-to-bottom, decluttered and organized? I also did a video “Why isn’t
my house selling?” Click on the link above, so that you can get a better
understanding of what you can do to help sell your house faster. As a buyer, with
the interest rates lower than they were from a year ago, why not buy now? Even
though the market is picking back up, there are over 7,000 homes to choose
from and you never know, you still may be able to get a really great deal on one
of those homes. Prime example, our last three buyers and I’ve stated this in the
last video and we keep on getting buyers, that we were able to negotiate the
seller to pay for all of their closing costs. We didn’t negotiate down in price
because they were priced pretty accordingly, however we were able to get
the sellers to pay for all the closing costs. Which is pretty awesome because
closing costs can costs, closing costs can cost, anywhere between 2.5 to 3% of the total purchase price. So, that is huge savings right there, I mean
especially when you have to come up with 3, 3.5 or 20% down payment. Saving on
closing costs is great. But the key is having a great realtor that knows how to
negotiate for you. If you’d like to download the full report provided by the
Greater Las Vegas Association of Realtors, I’ve posted a link down in the
description below. I hope you’ve enjoyed my monthly minute market update for
April 2019. Also, what do you guys think of my new
office? I don’t know how it’s gonna work out, but Brian and I just bought a new
home and we moved in a few weeks ago a couple weeks ago and I’m just getting
settled and so testing this out between this and the green screen. It may be too
white, I may look funny, I don’t know until I edit this video. But anyway I
hope you’ve enjoyed my video, I’m Angela O’Hare a Realtor here in Las Vegas,
Nevada with The O’Hare Team at Urban Nest Realty.
If you liked this video be sure to hit the thumbs up button, leave a comment
down below, share with a friend, and consider subscribing by clicking one of
those buttons down below, if you’re interested in learning all things real
estate in the Las Vegas Valley. Thank you so much for watching today and I’ll see
you guys on the next one. What do you think of my new sign? It says The
O’Hare Team Las Vegas Real Estate Urban Nest Realty. Here is my beautiful
award that I got for being a top producer at Urban Nest Realty, being number
18 out of over 400 and maybe 50 agents. It could be a little less, but hey number 18
is pretty killer! See, look at it.

27 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *