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

Las Vegas Real Estate Market Update – February 2019

Are you wondering how the Las Vegas Real Estate
Market is doing for February 2019? Well that’s what we are 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 down below and even that little bell for notifications. Because I talk about all kinds of cool stuff
Las Vegas related, and you don’t want to miss out. Welcome to the February issue of my monthly
minute market update for Southern Nevada. Today I will be going over January 2019 numbers. Las Vegas house prices reached their highest
level in months in January as sales plunged from a year ago and inventory nearly doubled. The median sales price of single-family homes
last month was $300,000, the last time it reached that level was back in September
2018. Which is up 1.6% from December 2018, and up
13.2% year over year. Southern Nevada had a total of 3,805 new listings
for the month of January, down 62.9% from December, and up 22.7% from the prior year. There were also a total number of 7,254 single-family
houses listed without offers in January, up 9.7% from December, and up 95.1% from the
prior year. So, what does that mean? That means there are a lot of homes for sale
on the market right now that are not getting sold. Currently we have 4-month housing supply in
Southern Nevada, up 28.8% from December and up 142% from prior year. 48.3% of closings for the month of January
was on the market 30 days or less. In my opinion the reason a lot of these homes
are not selling is because the listing agents are really not doing their jobs. Most of the photos are taken by their cell
phones, and that really does not depict what the house really looks like. Most of these listing agents are truly not
marketing the house effectively. Please watch my other video “Why Isn’t
My House Selling” to get a clearer idea as to exactly what I am talking about. The numbers show that the Las Vegas’ housing
market started 2019 where it ended last year: amid rising prices, falling sales, and a swelling
inventory. In previous years prices and sales tend tumble
in January, which is traditionally the slowest months in the local housing market. As previously stated in many of my other minute market
updates, houses have been staying on the market a lot longer, and as a buyer you may be able
to negotiate down on asking price or ask the seller to pay for your closing costs. We’ve been showing a lot of houses lately,
and I have noticed that it’s actually starting to pick up. Homes are finally starting to sell and as
a buyer you shouldn’t wait much longer. With interest rates still relatively low,
why not take advantage of this???? Now more than ever, is a great time to buy!
Especially before the Spring/Summer buying frenzy begins. If you would like to download the full report
provided by the Greater Las Vegas Association of Realtors, I’ve provided a link down in
the description below. I hope you have enjoyed my monthly minute
market update for February 2019. I’m Angela O’Hare, a Realtor here in Las
Vegas Nevada with The O’Hare Team at Urban Nest Realty. And I’m here to answer all of your Real
Estate questions. Thank you so much for watching, and I’ll
see you on the next one.


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