I endorse Lee Barrett for LVR President-Elect (REDUX)
Current Las Vegas Market Individual Charts
Current Las Vegas Market Report
The 2021 residential resale market momentum downshifted one gear in August, but that allowed the scarce inventory to hold back demand even while we enjoyed a good listing month. It’s the first time in several months that available supply has some breathing room and not falling behind demand.
The year-to-date results remain 37% ahead of 2020 closings. Meanwhile the hi-rise and luxury markets another strong month with 126 and 122 closings respectively. The median sales price of SFR closings slipped to $403,995 while the SFR average closed sales price fell to $478,051 representing 0.25% and 4.9% drops respectfully. This will most likely be misinterpreted in the media, but it does not represent a declining market as much as it is a reflection of the drop in the August closed sales prices in the luxury market. They had been averaging around $1.9 to 2.0M the past several months, but fell to roughly $1.8M in August. Consequently, some communities saw a dip in the average closing prices while others enjoyed increasing sales prices. That’s why we always remind everyone that all real estate is local – even hyperlocal. Your community or subdivision may not be – and most likely isn’t in lock step with the larger market.
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