Happy Valentines Day!
January showed something interesting in our housing market.
The number of homes that went pending jumped 28% from 1,638 in January to 2,281 as of today. At the same time, the number of homes that actually closed dropped 21% from 1,741 in December to 1,374 in January. The drop in closings might sound bad, but the bigger story is the rise in pending homes. Pending’s usually tell us what’s coming next, not what already happened.
The median home price didn’t move, but the price per square foot went down a little. In simple terms, buyers may be getting a bit more for their money, maybe slightly bigger homes, better negotiations, or just better overall value.
Homes are also averaging about 39 days on the market.
Activity is building, buyers are still making moves, and the jump in pending homes could be pointing to stronger months ahead.
The real question is simple, are we at the early stages of the next wave of activity, or just seeing people pick back up after taking a break from the holidays?
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Las Vegas Market Snap Shot
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