Current Las Vegas Market Individual Charts
Current Las Vegas Market Report
The 2021 residential resale market surged once again in November. However, listings taken continue to drop along with the overall number of available listings. Demand remains very strong leaving the Greater Las Vegas market hovering right at one month of SFR inventory. Yet, over pricing jumped to 42% of available listings, thus in reality there is only about two weeks of marketable inventory!
The year-to-date results remain 27% ahead of 2020 closings. Meanwhile the hi-rise and luxury markets another strong month with 121 and 154 closings respectively. The median sales price of SFR closings improved to $420,000 while the SFR average closed sales price pushed above the $500,000 mark to $500,349. Still, 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. Similarly, some communities are increasing available inventory more quickly than others.
2021 – A Record / Banner Year? – One Month to Find Out!
Availability of Homes Below $250,000
Resale properties below $250,000 (and even higher) are dwindling due to high demand and rapidly rising prices. These closings were still nearly a quarter of all closings last year at this time, but now only make up 14% of the November closings. These properties routinely close above appraisal prices which severely reduces the number of successful FHA loans while creating a bigger cash buyers market.
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