Greater Las Vegas Real Estate Market Update – October 2020

Can We Say – Las Vegas Luxury Market?

Click Here for the Current Las Vegas Market Individual Reports

Click Here for the Current Las Vegas Market Update Report

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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