Spring has sprung and the buying and selling season has begun. Welcome to the March issue of the Market Update for Southern Nevada. After the stats, we look forward to sharing yet another glowing report regarding the Southern Nevada real estate market, followed by information that could be perceived as a killjoy for our valley and wrapped up with the sad passing of what had become a local staple, virtually synonymous with Las Vegas itself.
But first, new listings retracted from January’s record pace yet remain a welcome 15% ahead of 2018’s numbers while new sales surged by almost 11% from January and remain 9% behind last year’s exaggerated pace. And actual closings while 8% ahead of January are over 13% behind last year’s numbers. Let’s put that in perspective. The competition for new listings increased by 15% in the same period that actual closings were down by 14%.
This could logically be referenced as a 29% swing in the market. While so far, not reflecting in the average or median sales price it continues to protract the average days to sell as marketing time while still below what constitutes a buyer’s market has increased by 29% to a clearly balanced market. Selling your home in this balanced market should not be relegated to a part-time or part-mind agent.
But instead, entrust it to full-time, elite professionals that make up the team here at Coldwell Banker Premier Realty. In a February 26 article written by the Wall Street Journal, the headline really says it all. As California Loses People, Las Vegas Suburbs Grows. The article references the fact that our neighbor to the west has been losing residents at a pace of 100,000 per year as over one and a quarter million people left between the years of 2006 and 2017.
And a large percentage of them are moving to Southern Nevada and Las Vegas suburb Henderson specifically. In fact, Henderson Nevada has grown by over 20% in the last decade and at over 300,000 residents has now overtaken Reno as the second largest city in Nevada. The article goes on to cite the highest taxes, housing, and utility costs in the country along with excessive commuting times as the biggest reason for their Southern Nevada relocation.
The Las Vegas Review-Journal just completed a 10-part series on Southern Nevada’s water crisis with such ominous headings as is the River On Life Support? How Bad Is It? And Can We Save the Salton Sea? The series is actually a very good report of our vital natural resource and the fact that we live in a desert.
The greatest value was found in the less glamorized headings such as How Green Should It Be? and How Much Can We Save?, reminding me that Southern Nevada has been lauded for its record-breaking conservation efforts and while our population grew by 43% between 2012 and ’16 our water consumption actually dropped by 26% and there is so much more we can do to conserve.
The Southern Nevada Water Authority is annually responsible for ensuring our liquid resource 50 years into the future and created an 82-page water resource guide to explain how it will be accomplished.
Thanks as always for making Coldwell Banker Premier Realty your real estate company of choice. Enjoy the extra daylight and spring weather and we’ll see you next month.