Realty One Group - Shannon Smith Group

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New Year Update

Hey My Friends,
I always wonder how long after January 1st do you say Happy New Year?!?! Oh Well…..HAPPPPY NEW YEAR!!

The Las Vegas housing market accelerated in the past year or so amid low inventory and strong demand, but lately, amid higher mortgage rates, fast-rising prices and affordability concerns, sales have slowed and inventory has surged compared with a year ago.

Buying a home “will be an even more expensive undertaking in 2019” as borrowing costs and home prices climb. With inventory rising sellers need to be mindful of increased competition and shouldn’t necessarily expect to name their price and get it in full. This is a big shift from the past few years, and an opportunity for buyers to have a larger selection of available homes.

Realtor.com said that it expects Las Vegas-area home prices to rise 7.9 percent in 2019, second-fastest in the nation to Grand Rapids, Michigan, where prices are forecast to jump 8.2 percent.

Nationally, it expects the median resale price to climb by 2.2 percent.

Take a look at our 2018 numbers:

Single Family Homes

Homes Sold:
2017 — 33,735 2018 — 31,599

Amount of homes sold down 6.3%

Median Sales Price December
2017 — $270,480 2018 — $298,000
Year over year prices rose 9.23%


Sold Bank Owned Properties:

2017 — 1,137 2018 — 383
Down 66%

Sold Short Sale:
2017 — 1,229 2018 550
Down 55%

Sold Traditional Sales:

2017 — 31,369 2018 — 30,666
Down 2%

2,386 Homes that have contingent or pending offers

The median home sale price for December was $298,000 or $165 per square foot.

Condos & Townhomes

Total Sold:
2017 — 7,744 2018 — 7,905
Up 6.15%

Median Sales Price December
2017 — $145,000 2018 — $164,450
Up 22.76%

Sold Bank Owned Properties:

2017 — 244 2018— 118
Down 13.5%

Sold Short Sale:

2017 — 235 2018 –98

Down 52.4%

Sold Traditional Sales:
2017 — 7,265 2018 — 7,689
Up 11.4%

609 Condos or Town-homes have contingent or pending offers

The median Condo and Town home sale price last month was $164,450 or $148 per square foot.


If you’d like an update on how much your home is worth, I’d be happy to send you a list of comparables along with a complete market analysis.

Have a great month, and please continue to refer your family and friends to me!!