Greater Las Vegas Market Update
March 2019 closings represent a valiant effort to become the basis for an improvement in the market, and a burst in recently listed homes now leaves the current market with a healthy level of available inventory. The 42% of properly priced homes have an average days on market (DOM) of only 15 days, so pricing is a sensitive issue and is responsible for driving much of the recent market activity.
In higher demand areas of the Valley, we expect to continue to encounter multiple offers because the majority of home sales now will be more “available” to buyers.
March 2019 SFR closed sales improved nearly 33% from February 2019 but is down compared to March 2018 SFR closings, although the activity level of both buyers and sellers has increased significantly in the last few weeks according to a broad survey of Realtors in the Las Vegas valley.
The median closed sales price of an SFR improved slightly to $300,000 in March for a 1.1% increase over last month while the average closed sales price of an SFR rose to $353,069 representing good value and people relocating to Las Vegas from other states will continue to be a major factor in the market and in the overall growth of the city.
2019 is expected to continue to be a great market for both buyers and sellers as Las Vegas successfully transitions from solely an entertainment destination to a healthy metropolitan city that enjoys a stable and growing economy with a large and growing population of permanent residents.
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