Each month, the housing market is changing and it’s important to stay up to date on the latest information so you can make the best decision on when you would like to buy, sell or refinance. Here’s what’s new with the Las Vegas Real Estate market for January 2020.
*All stats are pulled from GLVAR reports and are subject to change on a daily basis as new listings come on the market and existing listings sell. Call us at 702-838-7700 if you are looking to buy or sell for the most current stats.
Contents
The National Stats
A Look at the Housing Stats
Last month there were 2,283 single-family homes sold, which is a 25% increase over this time last year and a 12% decrease compared to last month.
The median price of homes sold is $305,000. That is a 2% increase over January 2019 and a 3% decrease over last month.
There were 4,906 units available at the end of the month, which is an 11% decrease month over month.
A Look at the Condo & Townhome Market
In January 2020, there were 592 condos and townhouses sold. This is a 2% decrease over December 2019 and a 23% increase year over year.
$175,000 is the median price for condos and townhouses sold, which is a 3% increase over this time last year, and a 2% decrease over last month.
The inventory was 1,418 condos and townhouses at the end of the month. Compared to last month, this is a 9% decrease. It is also a 17% decrease year over year.
What Does it Mean if You are Looking to Buy?
Good News! Since this is a major election year, interest rates are significantly decreased (and have historically shown to increase once the election is over).
You can get more bang for your buck at these interest rates, but you’ll want to act sooner than later, as inventory is currently decreasing and prices are steadily climbing.
Browse the most recent homes for sale in Las Vegas below:
What Does it Mean if You are Looking to Sell?
You’re in luck! This is what we call a seller’s market – when the inventory is low, but the prices are climbing.
With it being a major election year, buyers are going to jump on the low interest rates before they go back up – so you are going to have a higher chance at getting a buyer for your home, without the high competition of having a multitude of other homes on the market.
Home sales can take as early as 1 month or even several months to sell, so don’t wait until the middle of the year to get started. It’s currently prime time to sell.
Our goal is to get your home sold quickly for more money. Give us a call at 702-838-7700 to get started.
Homes for Sale
The homes for sale below are the newest homes on the market in Las Vegas.
Condos & Townhomes for Sale
The Las Vegas condos & townhomes listed below are the newest on the market.
Your Las Vegas Real Estate Team
If you have questions regarding the current market or are looking to buy, sell or refinance – we’re happy to help!
Give us a call at (702) 838-7700 or email at info@lasvegashomessold.com to get started.
