Sales, prices and time on market in Vegas getting worse

[Jack B.]

My realtors automated email just sent me this:

This month in the Clark County, NV market, sales decreased to 2,543 homes sold. This shows a 12% drop compared to the prior month. Prices are also falling in the market, as the median sales price dropped from $291,000 to $284,900. During the last 30 days, sellers have been able to make good on their asking price (98% list-to-sale price ratio, with a median list price of $289,000 in this area). In this market, there are currently 6,627 active listings. Compared to last month, homes stay on the market for about 53 days, up from 50.

[Bill B.]

Luckily he's wrong/using weird numbers or showing confusing numbers by using "Clark county" instead of Las Vegas MLS. (Clark county is 8100 square miles, Las Vegas valley is 1600sm, Las Vegas is 136sm)

Ask your realtor if this means you should stop shopping for homes in Las Vegas, somehow I believe the answer will be no...:-)

Ps...I haven’t seen any January numbers, expect them tomorrow or Tuesday but here’s December’s  

Prices up, sales up 22%, inventory down  16%  thus is why month to month means almost nothing  

GLVAR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during December was $312,990. That was up 6.0% from $295,250 in December of 2018.

The total number of existing local homes, condos and townhomes sold during December was 3,214. Compared to one year ago, December sales were up 21.8% for homes and up 17.2% for condos and townhomes.

By the end of December, GLVAR reported 5,538 single-family homes listed for sale without any sort of offer. That’s down 16.3% from one year ago.