For most of the states that we cover, 2019 posted strong #’s for sellers. Areas like Phoenix and Southern California continued to see appreciation and shorter days on market. Markets like Dallas cooled after record setting appreciation in 2017 and 2018 but still showed gains in 2019. What should sellers expect in 2020? Inventory #’s are still low in many markets. Las Vegas for example is dipping below 3 months of available inventory on the market at the present moment. This is a strong sign that Las Vegas will once again be a strong seller’s market in 2020. Phoenix should follow a similar path. Inventory #’s are still well below a balanced market in the Phx area. What about markets like Seattle and Boise? Seattle and Boise saw incredible appreciation in 2017 and 2018 but still posted moderate gains in 2019. There are no signs pointing towards a dramatic change from 2019 to 2020 in both of these markets.
Using Vegas as an example and using Data from the Greater Las Vegas Association of Realtors. Available inventory in Las Vegas stands right between 2.7 and 2.8 months. Compare this to this time last year of 3.4 months of available inventory. What is a healthy balance in Las Vegas? Typically about 6 months of inventory produces a stable market. What does that mean for sellers in Las Vegas? Most likely shortened days on market and continued appreciation at the start of 2020.