Las Vegas Real Estate Market – January 2019

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Enjoy this Las Vegas real estate market report for the month of January 2019. The data contained in this report is compiled from the Greater Las Vegas Association of Realtors market statistics for January 2019.

The average sale price of single-family homes for January 2019 was $351,643 and January 2019 ended with a total of 3 months supply of inventory.

The average townhouse/condominium sale prices ended January 2019 at $184,443 and a total of 2.9 months supply of inventory.

Lets take a closer look at the Las Vegas real estate market for January 2019.

A Look At Housing Statistics

Home sales have slowed from January 2018. While average sale price and
inventory is higher from January 2018. Pending sales are lower, and homes are sitting on the market longer.

Market Report

Single-family home sales were down 19.6% from January 2018 to January 2019. Average sale price for homes in the Las Vegas area is $351,643 up 14.6% in January 2019 from January 2018.

The total number of pending sales for January 2019 is 2,489 lower than the January 2018 pending sales number of 2,607.

A total of 3,903 new listings were on the market in January 2019 up 25.1% from January 2018.

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Homes were on the market for sale an average of 45 days; this is up from 42 days in January 2018. Sellers were getting 98.2% of list price for their homes, a slight reduction from 98.9% in January 2018.

The total number of closed sales for January 2019 is 1,821 this down 19.6% from 2,265 during January 2018.

A total number of 7,959 homes were available in January 2019, and there is a 3-month total supply of inventory. Inventory is up compared to January 2018, during that time there was only 1.9 months supply of inventory.

A Look At The Townhouse/Condo Market Statistics

The townhouse/condo market reflects the same trends as the single-family home market, with sales slowing during January 2019 compared to January 2018.

Days on the market were longer; however there were more sales of
townhouse/condos in January 2019 than January 2018 and inventory has

A total number of 480 townhouse/condo sales were made during the month of January 2019; this is a decrease of 13.4% from January 2018.

The Average sale price of townhouse/condos is $184,443 ending January 2019 an increase of 16.3%.

Townhouse/condos averaged 46 days on the market until sale, up 27.8% from 36 during January 2019.

January 2019 finished with a total of 671 sales pending, and townhouse/condo owners were getting 97.9% of list price versus 98.6% from January 2018.

There is a total of 1,883 townhouse/condos on the market, which makes for a 2.9 months supply of inventory, which is up 70.6% from January 2018.

What Does The Data Mean

While home sales are slowing reflecting the traditionally slow winter season, prices are trending higher.

Houses are staying on the market slightly longer and more inventory is becoming available to buyers in search of properties.

However, we are still in a market of minimal inventory with only a three months supply of homes available.

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A market should have six months of inventory to be considered balanced.

What Does This Mean If You Are Buying A Home

If you are in the market to buy a home in the Las Vegas area you will find that there is more inventory available, and properties are staying on the market for a slightly longer time.

Prices are increasing slightly, with more inventory becoming available and sales slowing buyers may see prices begin to drop.

What Does This Mean If You Are Selling A Home

If you are selling a home in the Las Vegas area you can expect to see a slight increase in value.

However homes are on average taking a little longer to sell, interest rates increase the end of 2018 and many buyers may be sitting on the fence.

Sellers are currently selling their homes for 98.2% of the list price, which means there is still competition for homes and while inventory has increased slightly sellers can still expect to see ready and willing buyers.

Las Vegas Homes For Sale

Search the most recent single family homes listings in the Las Vegas market that have been added to the database. All homes are priced in the average sales price range of $351,643 or less.

Las Vegas Condos For Sale

Search the most recent listings in the Las Vegas condo and townhouse market that have been added to the database. All condos and townhouses are priced in the average sales range of $184,443 or less.

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Lori Ballen, REALTOR®

Lori Ballen, Realtor

Hi! I’m Lori Ballen REALTOR®. My team serves the Greater Las Vegas area from Summerlin to Boulder City, and everything in between. You can reach us at 702-604-7739.

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