Las Vegas Real Estate Market Update – January 2021. Welcome to the January issue of our monthly market update for Southern Nevada. In this issue we will be going over December 2020 numbers.
There were 3,305 single-family houses that sold in December, up 8.9% from November and up 26.7% from December 2019.
The median sales price of previously owned single-family homes, remained the same at $345,000 in December, which is up 10.2% from the prior year.
If you are thinking about selling, NOW is STILL an ABSOLUTELY AMAZING TIME TO SELL. Buyers are thirsty for inventory, and you are not competing with as many sellers!
Plus, buyers are clearly here looking for opportunity, but we have fewer homes. This will lead to less supply as we see, and will help keep the price levels strong!
Last month in the Luxury Market there were 119 homes that sold for $1 million and over, compared to November’s 90 homes, a 29 home increase.
The median sales price in the Luxury Market for December increased slightly to $1,570,000 and in November that number was $1,500,000. A $70,000 increase in the median sales price.
The highest priced home sold for $14,500,000 with an asking price of $14,550,000. This home was located in The Ridges at Summerlin and had 6 beds, 3 dens, 9 baths, 14,464 sq. ft. with a lot size over 71,000 sq. ft. This home was on the market for 0 days.
Historically low interest rates, strong demand and a tight supply are what is “driving the market.” One factor behind the record prices is that more expensive homes are making up a larger share of the sales volume.
Also, these record low mortgage rates are providing much of the fuel in the market, by letting people who are still working or have strong finances be able to lock in lower, more affordable monthly payments.
And let’s not forget about all the people fleeing from California, Oregon, Washington State, New York, and New Jersey to move to a state with lower taxes and lower cost of living. Who are paying cash, driving our prices up due to the low inventory. Again, typical Supply and Demand.
So, for December we had a total of 2,407 new listings, which was down 13% from November but up 20.3% from the prior year.
There were also a total number of 3,240 single-family houses listed without offers at the end of December, which is down 13.7% from November and down 41.5% from the prior year.
The housing supply in Southern Nevada is now at 1.0 months, which is down 20.8% from November and down 53.8% from prior year.
6 months is considered a Neutral Market, with less than 6 being a Seller’s Market, and more than 6 being a Buyer’s Market.
So, what does “Months of Supply” mean? Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. …
Months of supply is a good indicator of whether a particular real estate market is favoring buyers or sellers.
Typically, a market that favors sellers has less than 6 months of supply, while more than 6 months of supply indicates an excess of homes for sale that favors buyers.
66.9% of the closings for the month December was on the market 30 days or less, in November this number was at 68.8% and in December 2019, 48.7% of the homes were on the market 30 days or less.
Builders sold 1,439 homes in Summerlin last year, third most among U.S. master-planned communities, and 1,017 in North Las Vegas’ Valley Vista community, which was sixth most, real estate consulting firm RCLCO reported.
Buyers also picked up 849 homes in Henderson’s Cadence community, ranking it 11th in the U.S.; 544 in Henderson’s Inspirada community, 33rd; and 472 in Skye Canyon in the upper northwest valley, 46th in the country.
Sales in Skye Canyon, Summerlin and Cadence were up 3%, 9% and 13%, respectively, from 2019, and down 16 percent in Inspirada.
If you would like to download the full report provided by Las Vegas Realtors, CLICK HERE!
Well, I hope you have enjoyed my monthly market update for January 2021.
Also, if you are thinking about buying or selling in the Las Vegas Valley, CLICK HERE or you can call me at 702-370-5112.
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Angela O’Hare, Realtor
Home Realty Center