Greater Las Vegas Real Estate Market Update – July 2021

Inventory Slowly Improving

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Market Overview

The 2021 residential resale market momentum kicked into high gear the last week of June, and with the year-to-date results in – we are sitting at 48% ahead of 2020 closings. Meanwhile the hi-rise and luxury markets continue to show tremendous strength with 128 and 169 closings respectively. The median sales price of SFR closings jumped to $395,000 for another 2.6% increase. The SFR average closed sales price of $495,672 represents a 2.4% increase in the average sales price and again is a testimony to the strength of the high end of this market.

June closings began strongly enough but experienced a very soft third week of closings followed by a strong sprint to the end of the month. Resales closings below $250,000 continue to shrink and make up only 18% of all closings while the $400-700K price point has rapidly grown to 31% of all resale closings. Inventory continues to increase steadily even as the median and average sales prices continue to soar to new levels. Of course the shrinkage of lower end closings coupled with the extraordinary demand and success of the market at $400K and above are pulling the median sales price higher each month – for now. Conventional loan financing improved as FHA continues to enjoy a smaller footprint in this market.

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Greater Las Vegas Real Estate Market Update – June 2021

Scarce Inventory Stifles Demand

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Market Overview

The 2021 residential resale market momentum waned in the last week of May, but with the year-to-date results in – we are sitting at 46.3% ahead of 2020 closings. Meanwhile the hi-rise and luxury markets continue to show tremendous strength with 102 and 154 closings respectively. The median sales price of SFR closings jumped to $385,000 for another 5.7% increase. The SFR average closed sales price of $484,498 represents a 2.0% increase in the average sales price and again is a testimony to the strength of the high end of this market.

However, higher price points sales are pulling the median and average prices higher due to the larger number of closings in the luxury market. Individual communities and subdivisions are not necessarily following this trend. Quite a number of communities closed at lower prices points than previously. It’s time to really think hyperlocal and not just follow the market’s macro numbers.

Inventory improved just slightly – in part because current supply does not provide consumers with a broader inventory of homes to choose from. It seems that new listings are in escrow within days, if not hours from the time of the listing. Yet, the “aged” listings continue to linger until the seller is more motivated or a buyer has become more desperate. Meanwhile, cash was once again king in sales below $400,000 as FHA buyers struggled to closes homes in this range.

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A Shout-Out to Avi Dangoor

I want to personally thank Avi for providing me information on the Nevada Architecture Board and the link to searching for licensing information of architects. It turns out that not every state requires licensing for architects and interior designers, but Nevada does. Here is the link:

https://nvarcprod.glsuite.us/GLSuiteWeb/Clients/NVARC/Public/Verification/Search.aspx

Greater Las Vegas Real Estate Market Update – May 2021

Strong Demand Meets Scarce Inventory

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Market Overview

The 2021 residential resale market built upon the momentum from the last quarter of 2020, but with the April results in – we are looking at the best start to a year since the 2009-2012 era. 2021 is already 36.5% ahead of 2020 closings at the end of the first four months. Meanwhile the hi-rise and luxury markets continue to show tremendous strength with 130 and 162 closings respectively. The median sales price of SFR closings jumped to $375,000 for another 3.3% increase. The SFR average closed sales price of $474,836 represents a 4.1% increase in the average sales price and again is a testimony to the strength of the high end of this market.

But let’s talk inventory! Although we are hovering just below 3000 available residential units, the listings taken outpaced the listings sold.

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Greater Las Vegas Real Estate Market Update – April 2021

An Astounding Month & Quarter!

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Market Overview

The 2021 residential resale market built upon the momentum from the last quarter of 2020, but what we saw in March is simply astounding! March 2021 recorded the highest number of SFR closings for any March since I began collecting market data. In fact, 2021 is already 22% ahead of 2021 closings at the end of the first quarter. Meanwhile the luxury market exploded with 170 closing of resale homes over one million dollars. The median sales price of SFR closings jumped to $363,000 for another 2.25% increase. The SFR average closed sales price of $456,109 represents a 2.66% increase in the average sales price and again is a testimony to the strength of the high end of this market.

But let’s talk inventory! March listing agents added nearly 800 more listings to inventory leaving Greater Las Vegas with nearly the same available listings as last month. Unfortunately, the increased number of listings taken was no match for the additional closings – leaving us with only 0.6 months of SFR inventory.

The good news! Current market conditions have wiped out much of the over pricing that had dominated listings in this market.

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Greater Las Vegas Real Estate Market Update – March 2021

Calling All Listing Agents!

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Market Overview

The residential resale market began 2021 with continued strength and February closings have positioned 2021 12.7% ahead of 2020 to date. The median sales price of SFR closings jumped to $355,000. The 4.4% increase in the average sales price of the SFR closings represents how strong the higher end of this market remains.

But let’s talk inventory! February listing agents added just under 200 more listings to inventory than in January, but Greater Las Vegas offers over 800 fewer available listings than last month. The available supply of SFR inventory is down 36% from this time last year and is now less than demand based on this month’s closings. Multiple offers are the norm with less than one months supply of inventory – and even less in some communities.

More and more buyers are resorting to the use of escalation clauses in an attempt to create some negotiating leverage. Just do NOT engage in escalation clauses! It borders on practicing law while making the transaction more difficult. Just craft offers with straight forward language and terms, so that the price and terms are clear and transparent. Better yet . . . take another listing or two this week!!

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Greater Las Vegas Real Estate Market Update – February 2021

More Inventory Please!

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Market Overview

The residential resale market began 2021 with continued strength, despite a 20.7% decline in SFR closings from December 2020. In fact, January closings were up 12.3% from last January, providing us a better indicator of local market momentum. The median sales price of SFR closings remains at $345,000. The 5% drop in the average sales price of the SFR closings represents fewer extremely high end sales which tended to skew the average sales prices in December.

But let’s talk inventory! January listing agents added roughly 600 more listings to inventory than in December, but Greater Las Vegas offers over 900 fewer available listings than last month. Multiple offers are the norm with only a one months supply of inventory – and even less in some communities. More and more buyers are resorting to the use of escalation clauses in an attempt to create some negotiating leverage. I cannot recommend strongly enough against the use of escalation clauses as they are fraught with risks and sometimes unintended consequences. It borders on practicing law while making the transaction more difficult. Just craft offers with straight forward language and terms, so that the price and terms are clear and transparent. Better yet . . . take another listing this week!!

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Greater Las Vegas Real Estate Market Update – January 2021

2020 – The Year of the Luxury Market

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2020 – What a Wild Ride!

The residential resale market completely recovered from the early pandemic pause!. The overall resale market ended up only 0.7% behind 2019 closings, but the SFR closings were up 0.78% from the previous year. However, it was truly the Year of the Luxury Market leading the parade with a remarkable 38.3% improvement over the 2019 banner year.

Of course, the large number of luxury market closings coupled with some of the highest closing prices we’ve seen, exaggerated the market’s average closed sales prices of SFR closings.  By contrast, the median price remained firm at $345,000.

Meanwhile, distressed sales continue to decline despite many who believe (or simply are hopeful) that foreclosures will be on the rise. Actual market performance does not support that.

Fun Stats for December:
  • Another 130 Luxury Market Closings to end the year with a total of 824 million dollar and up closings.
  • The luxury market is at 5 months of inventory – it was at 19 months of inventory in April.
  • There are 45 SFR “under contract” escrows that have been on the market for over 365 days.
  • Average Days on Market (DOM) for December SFR closings: (36) days
  • Longest listing that closed in December: 924 DOM List to Close
  • Longest currently active listing on the market – 2,109 DOM! Was listed on April Fool’s Day 2015.

Market Snapshot

There were 3,192 residential listings taken in December and that combined with a heavy sales demand have contributed to the decline in inventory – which is now 1.1 months of SFR inventory.  The 3,494 available SFR listings at this time is 744 homes less than last month.  However, while the 4,111 residential closings in December contributed to a welcome uptick in end of year closings.  Keep up the Open Houses! Use Best Practices and Be Safe!

The median closed sales price of an SFR held firm at $345,000, but the hyperactive luxury market helped send the SFR closing average sales price from  $426,626 to $446,739 for another 4.7% increase. Overall, that’s an 11.1% increase in the 2020 SFR average sales price.

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Greater Las Vegas Real Estate Market Update – December 2020

It’s the Las Vegas Luxury Market – Yet Again!

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Market Overview of November Results

2020 residential closings have brought year to date performance to within 3.1% of 2019 as November added to the previous month’s strong performance. In fact, it was the best closing month for November SFR sales since 2011. Meanwhile,  SFR inventory dropped more than 13% leaving the market with 1.4 months of available inventory.

Fun Stats for November:
  • Another 98 Luxury Market Closings to add to the 96 closings in September and 95 in October.
  • The luxury market is at 7 months of inventory – it was at 19 months of inventory in April.
  • Lake Las Vegas is down to two months of inventory
  • The Ridges is down to three months of inventory
  • Average Days on Market (DOM) for November closings in The Lakes was twelve (12) days
  • Longest listing that closed in November: 960 DOM List to Close
  • Longest currently active listing on the market – 2,074 DOM! Was listed on April Fool’s Day 2015.

Market Snapshot

There were 3,584 residential listings taken in November – down another 1.065 units from October.  The 4,238 available SFR listings at this time is 648 homes less than last month, while the 5,430 Pended listings reflects a 5.2% decrease in open escrows.  However, while the 3,754 residential closings in November is down from October, it’s the best November closing month since 2011.  Keep up the Open Houses! Use Best Practices and Be Safe!

The median closed sales price of an SFR improved slightly from $341,000 to $345,000 for a 1.2% increase. Similarly, the average closed sales price of an SFR went from  $414,958 to $426,626 for another 2.8% bump up. Overall, that’s a 9.5% increase in the 2020 SFR average sales price.

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Greater Las Vegas Real Estate Market Update – November 2020

Can We Say – Las Vegas Luxury Market – Again?

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The Luxury Market Marching Continues to Soar!

But what continues to take the Greater Las Vegas real estate market by storm is the incredible performance of the luxury market sales.  This is true both in new home and resale closings.

Market Overview of October Results

2020 residential closings have brought year to date performance to within 5.6% of 2019 as October added to the previous month’s strong performance. Meanwhile,  SFR inventory dipped slightly to 1.5 months overall due primarily to a lackluster listing month even as demand remained high.  This translates to less than one month of marketable inventory due to Over Pricing.   

Some of the older inventory may have sold as a direct result of prices finally catching up with listing prices. The average sales prices of an SFR increased 1.7% in October.

Fun Stats for October:
  • Another 95 Luxury Market Closings to add to the 96 closings in September.
  • SFR closings that had more the 120 Days on Market (DOM) – 198
  • 64 of those closings were priced at $300,000 or less
  • 15 SFR closings had DOMs over one year.
  • SFR closings with the longest continuous listing: 833 DOM from List to Closing.
  • My favorite long listing: 458 DOM List to Close. Originally Listed at $390,00, Closed at $370,000, Remarks include “a true turn-key!”  Was the key misplaced for 457 days?
  • Longest currently active listing on the market – 2,046 DOM! Was listed on April Fool’s Day 2015.

Market Snapshot

There were 4,649 residential listings taken in October – down another 398 units from September.  The 4,886 available SFR listings at this time is 411 homes less than last month, while the 5,728 Pended listings reflects a1.4% increase in open escrows.  However, the 3,966 residential closings in October represents a 0.9% dip from previous months closings.  Keep up the Open Houses! Use Best Practices and Be Safe!

The median closed sales price of an SFR improved slightly from $337,250 to $341,000 for a 1.1% increase. Similarly, the average closed sales price of an SFR went from  $407,934 to $414,958 for another 1.7% bump up.

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Greater Las Vegas Real Estate Market Update – October 2020

Can We Say – Las Vegas Luxury Market?

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The Luxury Market Marching to it’s own Beat!

96 Closed Sales and Only 7 Month of Inventory
But what continues to take the Greater Las Vegas real estate market by storm is the incredible performance of the luxury market sales.  This is true both in new home and resale closings.

Market Overview of September Results

2020 residential closings have brought year to date performance to within 7% of 2019 as September soared with numbers rivaling July. This in spite of the continued record breaking summer heat wave.  Meanwhile,  SFR inventory dipped slightly to 1.6 months overall due primarily to a flat listing month where demand remained high.  This translates to less than one month of marketable inventory due to Over Pricing.   

Some of the older inventory may have sold as a direct result of prices finally catching up with listing prices. The average sales prices of an SFR increased 16% during the past twelve months.

Fun Stats for September:
  • 96 Luxury Market Closings in one month! Random thought: Only one NBA player – Wilt Chamberlain – has scored more points in a single game than that!
  • SFR closings that had more the 120 Days on Market (DOM) – 239
  • 74 of those closings were priced at $300,000 or less
  • 18 SFR closings had DOMs over one year.
  • SFR closings with the longest continuous listing: 880 DOM from List to Closing.
  • SFR closings with the second longest continuous listing: 751 DOMs, Listed September 2018; Finally sold $100 over original list price of $252,900. I’m thinking – Time Value of Money here!
  • My favorite long listing: 690 DOM List to Close. Originally Listed at $424,900, Closed at $342,000, Public Remarks begin with “Motivated Sellers! Sellers want your offer!”  At least it didn’t say “Won’t last long!”
  • Newest way to camouflage an Over Priced listing – Marketed as “Listed below market value”!

Market Snapshot

There were 5,047 residential listings taken in September – down 16 units from August.  The 6,930 available listings at this time is 114 homes less than last month, while the 5,649 Pended listings reflects a 9% increase in open escrows.  Similarly, the 4,002 residential closings in September is a resounding 11.3% increase from previous months closings.  Yeah! We are conducting Open Houses again! Use Best Practices and Be Safe!

The median closed sales price of an SFR improved slightly from $335,000 to $337,250.  By contrast, the average closed sales price of an SFR went from  $409,529 to $407,934. We are still above $400,000 in the average closed sales price for an SFR September closings despite the 0.4% market correction.

Note of Caution: We are experiencing a lumber shortage which is causing some slowdown in new construction and major rehab projects.  A recent Fortune report by Lance Lambert on August 31st is titled; ‘Severe lumber shortage’ is adding $14,000 to the cost of a new home. Click Here to Read this Article

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