The latest Housing Market Update from the most recent data, March 2019, for the Greater Las Vegas Area. We have a 4 min video explanation, a summary and the full report below.
Sales volumes within the Southern Nevada resale home market picked up in March 2019 when compared to the slower month of February. Total closings increased to 3,260 from 2,508 as high season is underway. Despite the increase, the overall pace of sales was down 16.3 percent compared to the same period of the prior year. A total of 2,621 single family units were sold during the last month; the median prices rose to $300,000 (+7.1 percent on the year) and matched a post-recession high. At the end of the month, 7,091 units remained available for purchase which equated to 2.7 months of effective inventory – the lowest number of absolute and effective inventory in seven months. To put this into perspective a neutral market is 6 months, anything less is a considered a seller’s market and high than 6 months is a buyers market. Trends within the condominium/townhouse segment during the month was comparable to the single-family market with a total of 639 units sold and median prices rising 4.1 percent on the year to $166,500. Overall supply and demand conditions in March 2019 resulted in effective inventory falling to 2.7 months in attached product. Strong demand at the end of the first quarter pushed prices at or near market highs. Stable economic conditions are expected to support additional demand in the resale housing market during the second quarter of 2019.
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