The new year is here and so are the latest numbers from the Las Vegas real estate market. Here’s what you need to know.
The December numbers are in for the Las Vegas residential real estate market, so we wanted to share them with you today.
We ended the year with 8,500 homes on the market. That’s nearly double what we saw in December 2017.
December 2018 also saw about 3,000 homes come on the market, which is up from the 2,500 we saw in December 2017.
Another statistic we like to track is the properties that went under contract, or pending sales. These homes haven’t quite closed yet, but the buyer and seller have agreed on a price and signed a contract. There were 2,400 pending sales in December 2018, down from 2,900 in December 2017.
Additionally, there were 2,600 closed home sales in December. That’s also down from 3,200 in December 2017.
The percentage of homes closed in December was right at 31%. In December 2017, that figure was almost at 70% because of our limited inventory at the time.
The more homes we have on the market, the more choices buyers will have. If demand remains flat, that’s going to make it harder to sell. In order to maximize your equity, it’s something to keep a close eye on.
If you're thinking about buying a home, now really is a great time to get out there. We’d be happy to answer any questions you have and refer you to a great lender in the area.
If you’re thinking about selling a home, we’d be happy to give you a free, no-obligation comparative market analysis on your home.
If you have any other questions or need anything else from me, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.