Calling All Listing Agents!
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!!