May new home listings in Clark County climb 40% over April

You’ve heard it time and time again: Clark County has too many buyers and not enough homes.

But in May, there were some silver linings for prospective buyers; 864 new listings were added to the housing market, an increase of nearly 40 percent from April. However, May’s listings are still significantly down (26 percent) from what was on the market in May 2022.

“The best news in May was the significant increase in new listing activity,” said Windermere Northwest Living broker Mike Lamb in an online post. “Yet despite that increase, the number of available listings remained acutely limited.”

New sales in May didn’t budge much from April. Last month, 601 new pending residential sales were seen on the market, according to the most recent Regional Multiple Listing Service report. But according to Lamb, this is worth taking a second glance at.

“That was noteworthy, because April had the most new pending sales since August 2022,” he said.

Although compared with May 2022, new pending sales are down more than 31 percent. Closing sales also decreased more than 15 percent from April.

“That suggests this market is stuck at the current level by the limited inventory,” said Lamb. “And that means listing activity must increase in order to fuel any significant increase in new sales activity.”

On a month-to-month comparison, median sale prices — which only include residential home sales — decreased to $515,000, a 2.5 percent drop from the average of $525,000 in March.

Total market time decreased to 39 days.