More Inventory Please!
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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!!