Las Vegas Housing Stats May 2019 –

First, please click on the link Las Vegas Housing Stats May 2019 for the full report so you have a visual to follow along with.

• The median price point for sold homes in May 2019 was $300,000.  This is basically unchanged from the previous 2 months, however, a 1.7% increase from May 2018.
• The number of homes sold in May 2019 was 3,281, which was an increase of 14.2% from April 2019, and an increase of 4.5% from May 2018.
• The number of new listings that came on the market in May 2019 was 4,597.  This is up by 6.7% from the previous month and up 16.5% from May 2018.
• The number of available homes listed without offers in May 2019 was 7,855.  This is an increase of 5.6% from April 2019 and increase of 90.7% from May 2018.
• Time on market for homes sold:  0-30 days was 55.1%, last year at this time it was 73.6%. We saw an increase from 31-60 days to 19.9% and a slight increase from 61-90 days to 10.5%.  From 91-121+ days was down slightly from last month, however, almost double what it was last year at this time.

Signs of a Plateauing Market-

The numbers are indicating that the Las Vegas Housing Market is continuing to show signs of plateauing.  This is evident by the number of homes listed without offers which was at 7,855, which is up from the previous month, but a 90.7% increase from May 2018.  Another indication is that the median price point for the Las Vegas Market is at $300,000, which is unchanged from the previous 2 months and only a 1.7% increase from May 2018.  This is the smallest year-over-year increase since May 2012.  This does not mean we have to hit the panic button as the Las Vegas area has had tremendous growth over the last several years.  GLVAR reported that properties purchased in May with cash were at 20.4%, which compares to 24.3% in May 2018.  And the number of distressed sales, short sales, and foreclosures combined dropped to 2.0% from 2.6% a year ago and 6.8% two years ago.

For the complete 8 page report please call/text me at 702-427-9444.

(Click here or on Picture for full 8 page report.)