Happy New Year. Welcome to the January issue of the Monthly Minute Market Update for Southern Nevada.
2018 proverbially came in like a lion and went out like a lamb, as virtually every noteworthy category we tracked characteristically retreated in December. The float of residential listings was down slightly, yet 80% more homes are on the market today than this same time last year. As is normal in December, 27% fewer homeowners came to market than in November, yet it was an increase of almost 13% from last December. New sales were down 18% from last month and down 20% from December 2017’s strong pace. While closings were down the least at 6% from November and down 18% from December 2017. The median sales price maintained at $295,000. The median price per square foot was $164, and the average days on the market increased another three days to 40. Again, all relatively typical for historical Decembers.
What is also typical and newsworthy at the end of every year is the market and industry predictions. Our predictions are that the Las Vegas economy and housing market continue to be sustained by ongoing construction and positive employment numbers causing 2019 to be another great year for Southern Nevada, albeit at a much more moderate pace. You can see all of our 2019 predictions in this article.
First, in their annual study, United Van Lines listed the top 10 states from which residents are moving out, and fortunately Nevada is not on that list. Nevada is however on the opposite list and came in as the 4th top state in the country for in migration. Next, while Nevada’s downtown is often referenced as Old Vegas, recent announcements may result in the Old being replaced with New. As the Downtown Grand Hotel said they’d be building a third tower adding another 495 rooms and taking their total to over 1100.
Additionally, Derek and Greg Stevens, successful entrepreneurs and owners of the prosperous D Las Vegas, announced that they have been developing an entire city block overlooking the Fremont Street experience, which will be the first resort built downtown in over 40 years. Set to open in December 2020, Circa Resort and Casino will host 777 hotel rooms in its 44 story building, which captures the classic look of Downtown Las Vegas with a modern flair.
And finally, being able to get to these downtown resorts has been an admitted traffic challenge. One that caused a one billion dollar highway enhancement in 2016 labeled Project Neon. In less time than most anticipated Project Neon is 92% complete and the most significant portion, our Spaghetti Bowl, will re-open in a few short days as we achieve 100% completion later this year.
Combine all this great news with mortgage interest rates reaching a nine-month low and I’m sure you too will agree with my optimistic view for Southern Nevada.
Our own Blake Guinn has started an article series on Solar Homes. Blake is a solar expert that has worked in the solar industry for the past 6 years. You can check out his first article here, about the first considerations you need to make before installing a solar system on your home.
Starting this month we are going to start adding monthly updates about the state of marketing for realtors. Many of our readers are realtors themselves looking to better understand internet marketing for real estate. Our tip this month is for those that have an established website. We recommend going back through and making the necessary SEO updates to your site. To better understand where to start and what to do we recommend this article from Dublin SEO.
As an exercise more for our team than others, we put pen to paper on the organization of our team. We believe this can be of benefit to others so we published it as an article. We refer to this methodology as Call Nancy. Check out the article and let us know what you think!
Thank you once again for making Mike McNamara Group at Coldwell Banker Premier Realty your real estate company of choice. Stay dry through these welcomed rains. We’ll see you again in February.