Las Vegas Resale Home Sales For February 2019
Las Vegas real estate prices remain stable in February as the number of homes sold continues to trail 2018. The median price remained in the same area as it has been since August 2018 at $298,000, but it is up over 7% from February 2018. The number of Las Vegas homes sold in the first two months of 2018 is down over 14% from last year because we seem to have hit an affordability limit!
Interest rates remain in the sub-5% range, so it is price that is limiting affordability. Sellers tend to overprice the homes at the start, but we are seeing a sizable number of price reductions each week. This year, just under half the homes sold have been on the market for 30 days or less. Last year at this time, almost two-thirds (63%) of the homes sold within the first 30 days. Available inventory of homes with no offers rests at almost a 4-month supply, almost double the supply of homes we had last year.
New home sales, according to SalesTraq (a Las Vegas research company), declined 12% in January compared to a year earlier. The median price of new homes rose 6% compared to January 2018.
The trend of declining sales seems to be continuing into March as projected closings of resale homes seem to be well below March 2018. The economy continues strong but ever increasing prices must end some time, and that time seems to be 2019. Each month, we will likely see ever smaller price increases year over year as Las Vegas drops from the ranks of the hottest housing markets nationwide.