Market Overview – Best July Since 2009
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2020 residential closings are now only 10.7% behind 2019 as a result of July closings, which are the highest since 2009! Meanwhile, SFR inventory dropped dramatically again to 1.6 months overall based on the market shift that has seen an increase in demand which remains unanswered by the tepid rate of listings taken. This translates to about 3 weeks of marketable inventory due to Over Pricing – despite having made good progress in reducing it this past month. Residential closings were up another 34.6% month over month and 4.6% higher than July 2019!
Market Improvement
There were 4,847 residential listings taken in June – up nearly 16% from June. The 6,964 available listings at this time is 312 homes less than last month, while the 5,460 Pended listings reflect another 3.5% increase in open escrows. However, the 4,028 residential closings in June is a resounding 37% increase from previous months closings. So when can we conduct Open Houses again?? Looking for listing agents to bring on more virtual tours!
The median closed sales price of an SFR jumped from $325,000 to $330,000. Similarly, the average closed sales price of an SFR went from $377,937 to $389,115. The SFR average sales price has risen 4.6% this year – in spite of the media gloom and doom reports.
July simply exploded to claw back some of the previous declines in closed sales while serving to stabilize this market and fuel the momentum going forward into the late summer and fall months.
But what really took the Greater Las Vegas real estate market by storm was the towering performance of closed sales above $700,000 and the luxury market. (See the last two charts below.) More incredibly, the luxury market just eclipsed 2019 sales and is looking strong!
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