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.
The National Stats
A Look at the Housing Stats
According to GLVAR, there were 2,609 single-family homes sold in December 2019, which is an 8.4% increase over the previous month and a 21.8% increase year over year.
The median price of homes sold is $312,990, which is a 2% increase from November 2019 and a 6% increase year over year. As of the end of the month, there were 5,538 homes available.
The median home price for homes for sale in Las Vegas is $355,000.
A Look at the Condo & Townhome Market
In December 2019, there were 605 condos and townhouses sold, which is a 12.2% increase over the previous month and a 17.2% increase over the same time in 2018.
The median price of condos and townhomes sold is $178,000, which is a 1.7% increase from November 2019 and an 8.9% increase from December 2018. As of end of December 2019, there were 1,555 condos and townhomes available.
The median home price for condos and townhomes available for sale in Las Vegas is $174,900.
What Does it Mean if You are Looking to Buy?
The inventory of units in the Las Vegas valley has decreased, while sales are rising – this is what we call a seller’s market. That does not mean that now is not the time to buy.
With interest rates at phenomenally low numbers and this being an election year, now is the time to purchase if it is something that is on your mind.
Historically, interest rates rise after a major election, and we expect this year to be no different.
What Does it Mean if You are Looking to Sell?
With buyers jumping to take advantage of the current low interest rates and the deadline of the major election getting closer, now is a great time to list your home.
We don’t recommend waiting until mid-year to get started, as home sales can take anywhere from 30 days to several months based on numerous factors in the process.
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
All homes below are listed around the median home price of $313k for this month.
Condos & Townhomes for Sale
All condos and townhomes below are listed at $175,000 or less (the median price for condos and townhomes for this month).
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 email@example.com to get started.