Strong Demand Meets Scarce Inventory
Current Las Vegas Market Individual Reports
The 2021 residential resale market built upon the momentum from the last quarter of 2020, but with the April results in – we are looking at the best start to a year since the 2009-2012 era. 2021 is already 36.5% ahead of 2020 closings at the end of the first four months. Meanwhile the hi-rise and luxury markets continue to show tremendous strength with 130 and 162 closings respectively. The median sales price of SFR closings jumped to $375,000 for another 3.3% increase. The SFR average closed sales price of $474,836 represents a 4.1% 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! Although we are hovering just below 3000 available residential units, the listings taken outpaced the listings sold.