Fireworks on New Year’s Eve weren’t the only bang heard through the Las Vegas area. December ended the year with a market high average sale price of $315,358.
2019 was a good year for sellers. We’ve seen a level of stability between supply and demand that have kept the market growing, but not at an alarming rate. The average number of new listings per month when viewed over the past four years has remained very stable. We DID see a distinct increase in the average monthly total available listings as well as a decrease in totals units sold. When we see fewer sales, increased inventory AND increased average sale price, it’s very likely that the market is being driven at least in part by move-up buyers looking above and beyond the average first-time homebuyer price range. Also, buyers are willing to pay more for move-in ready, upgraded homes.
The still-low mortgage interest rates are making home ownership affordable for first-time home buyers as well as move-up buyers and those whose credit took a hit due to foreclosures and short sales of 10+ years ago. Deals can still be found, but one needs to know where to find them as sellers know that a well-priced, well-staged home gets a lot of interest.
Whether you are looking for a new home or thinking of selling one, contact Your Las Vegas Home Specialists and let us show you how we can help you make the most of this exciting market!
Information provided by GLVAR. Data is considered reliable but not guaranteed.