An Astounding Month & Quarter!
The 2021 residential resale market built upon the momentum from the last quarter of 2020, but what we saw in March is simply astounding! March 2021 recorded the highest number of SFR closings for any March since I began collecting market data. In fact, 2021 is already 22% ahead of 2021 closings at the end of the first quarter. Meanwhile the luxury market exploded with 170 closing of resale homes over one million dollars. The median sales price of SFR closings jumped to $363,000 for another 2.25% increase. The SFR average closed sales price of $456,109 represents a 2.66% increase in the average sales price and again is a testimony to the strength of the high end of this market.
But let’s talk inventory! March listing agents added nearly 800 more listings to inventory leaving Greater Las Vegas with nearly the same available listings as last month. Unfortunately, the increased number of listings taken was no match for the additional closings – leaving us with only 0.6 months of SFR inventory.
The good news! Current market conditions have wiped out much of the over pricing that had dominated listings in this market.