Current Las Vegas Market Individual Charts
Current Las Vegas Market Report
Market Update
The 2021 residential resale market momentum spilled over into July despite closings slipping from the high number of June closings. The year-to-date results remain 40% ahead of 2020 closings. Meanwhile the hi-rise and luxury markets continue to show tremendous strength with 129 and 166 closings respectively. The median sales price of SFR closings jumped another $10,000 to $405,000 for another 2.5% increase. The SFR average closed sales price of $502,855 represents a 1.5% increase in the average sales price and again is a testimony to the strength of the high end of this market.
July closings were steady throughout the month, but were never able to catch June results. Resales closings below $250,000 continue to shrink and make up less than 18% of all closings while the $400-700K price point has rapidly grown to 32% of all resale closings. Inventory continues to increase steadily albeit slowly even as the median and average sales prices continue to soar to new levels. Of course the shrinkage of lower end closings coupled with the extraordinary demand and success of the market at $400K and above are pulling the median sales price higher each month – for now.
There was noticeably more cash this month. That makes sense when we consider the overwhelming number of sales that are closing above appraised prices. However, there are more speculators – aka flippers – entering this market. And why not? They can put a contract on a new home and see $60K or more base price increases in that home before they have to close on the contract. I’m seeing a number of new homes showing up on the MLS mere days or weeks after they close with the new home builder.
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