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Las Vegas Real Estate Market Update – April 2020

Market Update

 

Las Vegas Real Estate Market Update – April 2020

 

Welcome to the April issue of my monthly market update for Southern Nevada. In this issue I will be going over March 2020 numbers.

 

Las Vegas house prices hit a record high again last month, but the pipeline of sales shrank as the coronavirus pandemic wreaked havoc on the economy.

Market Snapshot

 

There were 2,758 single-family houses that sold in March, up 11.6% from February and up 5.2% from March 2019.

 

The median sales price of previously owned single-family homes reached another all-time high of $319,000 last month. Up 0.9% from February and up 6.3% from the prior year. According to the Las Vegas Realtors, formerly known as the Greater Las Vegas Association of Realtors.

Market Update

 Market Trends

However, the tally of canceled deals nearly doubled from a year ago, and the number of newly signed sales contracts dropped sharply.

 

Southern Nevada also had a total of 3,605 new listings for the month of March, up 11.3% from February, but down 18.2% from the prior year.

 

There were also a total number of 5,687 single-family houses listed without offers at the end of March, up 34.1% from February and down 19.8% from the prior year.

Market Update

Market Trends

There is a 2.1 months housing supply in Southern Nevada, up 20.2% from February and down 23.8% from prior year.

 

So, what does “Months of Supply” mean? Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. …

 

Months of supply is a good indicator of whether a particular real estate market is favoring buyers or sellers.

 

Typically, a market that favors sellers has less than 6 months of supply, while more than 6 months of supply indicates an excess of homes for sale that favors buyers. We are still in a sellers-market, but it is not as strong as it was from a year ago.

 

59% of the closings for the month March was on the market 30 days or less, in February this number was at 50.4% and in March 2019, 51.9% of the homes were on the market 30 days or less.

Market Update

Locally, the housing market started 2020 with a surge of sales before the coronavirus hit and showed cracks during the chaotic month of March when much of the valley — including its financial lifeblood, tourism — rapidly shut down to help contain its spread.

 

Still, a total of 2,542 home sales were canceled last month, up 94% from March 2019, and buyers signed 3,175 sales contracts, down 24% from the same month last year, LVR reported.

 

Well, I hope you have enjoyed my monthly market update for April 2020.

 

If you would like to download the full report provided by Las Vegas Realtors, click HERE!

 

Also, if you are thinking about buying or selling in the Las Vegas Valley, CLICK HERE or you can call me at 702-370-5112.

 

Well, I hope you have enjoyed my monthly market update for April 2020.

 

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Angela O’Hare, Realtor
The O’Hare Team
Home Realty Center
License #180246
702-370-5112
[email protected]
www.summerlincommunities.com