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