Welcome to the November 2021 issue of our monthly market update for Southern Nevada. In this issue we will be going over October 2021 numbers.
Las Vegas home prices rose to another all-time high last month as sales tapered off.
Southern Nevada is actually getting back to the type of seasonal trends we are used to seeing before the pandemic, as prices and sales typically peak during the summer and slow down a bit in the fall and winter before rising again in the spring.
There were 3,077 single-family houses that sold in October, down 4.1% from September and down 4.6% from October 2020.
The median sales price of previously owned single-family homes, increased to $410,000 last month; which is up .9% from September and up 20.5% from the prior year.
Last month in the Luxury Market there were 107 homes that sold for $1 million and over, compared to September’s 119 homes, a 12 home decrease.
The median sales price in the Luxury Market for October increased to $1,425,000 and in September that number was $1,275,000. A $150,000 increase in the median sales price.
So, for October we had a total of 3,564 new listings, which was down 3.5% from September and down .8% from the prior year.
There were also a total number of 3,287 single-family houses listed without offers at the end of October, which is down 5.1% from September and down 27% from the prior year.
Which brings us to the housing supply in Southern Nevada, it is holding steady at 1.1 month, but down 23.5% from prior year.
79.9% of the closings for the month October was on the market 30 days or less, in September this number was at 83.8% and in October 2020, 70.3% of the homes were on the market 30 days or less.
Houses are still selling fast during what’s normally a slower period for the market, though properties aren’t trading as quickly as they did earlier this year.
Houses are still getting multiple offers and selling quickly, but given Las Vegas’ record-setting home values and locals’ incomes, buyers here are getting “maxed out,”
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Well, I hope you have enjoyed our monthly market update for November 2021.
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