Scarce Inventory Stifles Demand
Current Las Vegas Market Individual Reports
Current Las Vegas Market Report
The 2021 residential resale market momentum waned in the last week of May, but with the year-to-date results in – we are sitting at 46.3% ahead of 2020 closings. Meanwhile the hi-rise and luxury markets continue to show tremendous strength with 102 and 154 closings respectively. The median sales price of SFR closings jumped to $385,000 for another 5.7% increase. The SFR average closed sales price of $484,498 represents a 2.0% increase in the average sales price and again is a testimony to the strength of the high end of this market.
However, higher price points sales are pulling the median and average prices higher due to the larger number of closings in the luxury market. Individual communities and subdivisions are not necessarily following this trend. Quite a number of communities closed at lower prices points than previously. It’s time to really think hyperlocal and not just follow the market’s macro numbers.
Inventory improved just slightly – in part because current supply does not provide consumers with a broader inventory of homes to choose from. It seems that new listings are in escrow within days, if not hours from the time of the listing. Yet, the “aged” listings continue to linger until the seller is more motivated or a buyer has become more desperate. Meanwhile, cash was once again king in sales below $400,000 as FHA buyers struggled to closes homes in this range.
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A Shout-Out to Avi Dangoor
I want to personally thank Avi for providing me information on the Nevada Architecture Board and the link to searching for licensing information of architects. It turns out that not every state requires licensing for architects and interior designers, but Nevada does. Here is the link: