The Clark County real estate market had a really good February. You could see that in the 718 New Pending Residential Sales submitted to RMLS, up 6.9% from January, up 13.3% from February 2018, and up 4.8% from February 2017. In fact, this was easily the second best February for new sales since 2005, down just 1.8% from February 2016.
Furthermore, on the strength of the strong new sales activity in February the backlog of pending sales waiting to close grew 7.4% from January to 1,474. That was up 19.2% from February 2019, up 7.1% from February 2018, and up 4.6% from February 2017. At the rate sales closed in February, that represents a really significant backlog of 2.9 months of closings.
Closing activity was also very good in February. Reflecting that were the 514 New Closed Residential Sales reported to RMLS, up 4.7% from January, and up 0.4% from February 2019, but down 7.2% from February 2018. Yet February 2018 recorded the best closing numbers since 2005, and this February’s closing totals were easily the third best since 2005.
At the end of February there were 1,134 Solds Year To Date reported, down just 0.1% from February 2019, and down 5.1% from February 2018 which had the best total sales since 2005. So that was a very good start for the year. Listing activity was also better than usual for February, but it did not keep pace with new sales February activity. Reflecting that were the 780 new residential 2020 listings submitted to RMLS, up 6.0% from January, up 6.6% from February 2019, up 2.5% from February 2018, and up 16.8% from February 2017.
The number of Active Listings fell to 1,576 at the end of February, down 0.7% from January, and down 23.8% from February 2019, but up 3.3% from February 2018, which had the lowest inventory in at least the last 20 years. More significantly, there were just 1.09 new residential listings for each new pending residential sale. And based on the number of closed residential sales in February, there were just 1.3 months of standing residential inventory available.
The strong sales activity so far this year continued to push average prices up. For example, Average Sale Price-All MLS was $404,891, up 1.8% from February 2019, and up 9.0% from February 2018. Median Sale Price-Residential was $386,700, up 1.2% from January, up 7.6% from February 2019, and up 12.1% from February 2018. That was also up 49.9% from the previous high in February 2007, and up 103.5% from the February 2012 low during the downturn. And the average residential sale price was $417,500, up 0.8% from January, up 1.9% from February 2019, and up 5.1% from February 2018.
The biggest issue for the Clark County market in February was lack of inventory. And while that has continued to be an issue in March, the current public health issues suggest that what happened in the recent past may not tell us much about the near future. Still, if new sales activity from March 1 through March 15 is any indication, demand continues to be really strong. There were 528 new pending sales reported to RMLS through mid-March, and if new sales activity continued at that rate it would be a record month. That suggests that even if the market goes on a complete pause, it will likely pick up relatively quickly once this situation passes. Furthermore, it is unlikely the market will go completely on hold. In the last 10 years the real estate industry has embraced tools like text, email, video conferencing, electronic signing, electronic recording and others, allowing transactions to be completed virtually. So, while the market may slow for a period of time, as long as demand remains strong, the long-term prospects remain good.
Change from February 2019
Active Listings 1,576 -23.8%
Solds Year To Date
1,134 -0.1%
New Closed Residential Sales
514 40.0%
New Pending Residential Sales
718 13.3%
Average Days on Market-Res. Solds
67 -2.9%
Average Sale Price- All MLS
$404,891 1.8%
Median Sale Price-Residential
$386,700 7.6%