Las Vegas January 2016 Real Estate Market Update – 

First, please click on the link for the report so you have a visual to follow along with.  I will be on the first page of the report.  I like to start with the number of new listing that came on the market and then move through the rest of the spreadsheet as I think this provides a more fluid way of looking at everything.  The number of new listings that came on the market in Las Vegas January 2016 was 3,504, which is up +52.8% from December 2015, however, only up +3.8% for year.  It is normal to see an increase after the holidays, but this was still a large increase.  The median price point went up by +5.9% to $248,950 from December, a sign that sellers are still “piggy backing” on previous sales.

The number that we need to pay particular close attention to, especially if you are a seller, are the number of available units listed without offers and number of units sold.  The reason a seller needs to keep close tabs on the number of available units is because that is going to be your competition once a seller lists their property.  This is a general overview of the entire Las Vegas Market, however, I normally see the trends pretty much stay the same when we get into a specific part of town or subdivision.  For Las Vegas January 2016, there was an increase by +2.8% from December to 7,428 units that were available without offers.  This leads us into the number of homes sold for January, which was 1,879, down -4.8% from December, when there was 2,679 homes sold.  This doesn’t surprise me that much as January’s closing are normally a little lower because we don’t see the activity with buyers as much in December because of the Holiday.  This makes since when you look at how long a “normal” escrow takes, which is usually in the ball park of 30 days, give or take, depending on the exact situation.

The other statistic to pay attention to is the “time on the market”.  We see a slight change happening which make since when you compare that to the number of new listings on the market and sold properties for single family homes.  The change is ever so slight as we see a decline by -4.4% for the homes sold between 0-30 days and 31-60 days at -1.6%.  Then we see an increase of homes sold when looking at 61-90 days at +3.5%, 91-121 days at 2%, and 121 days+ at +0.5.  So what does this mean?  The change is very small, but the numbers dictate that properties are staying on the market a little longer before being sold.  Which leads us to the bottom line point; more homes are on the market and are taking a little longer to sell.  We put these stat’s together with the median price point, and it all starts to make since, as the median price point has stayed steady from June of 2015 at around $219,000.

If you would like more explanation with this report, or specific data within the area you live in, please reach out to me at 702-427-9444 and I would be glad to answer any questions that you may have.