Las Vegas Real Estate Market Update – October 2020. Welcome to the October 2020 issue of our monthly market update for Southern Nevada. In this issue we will be going over September 2020 numbers.
The Las Vegas housing market is on FIRE, with record prices despite the pandemic’s effect on the economy. Las Vegas’ housing market hit another all-time high last month.
There were 3,270 single-family houses that sold in September, up 12.4% from August and up 18.9% from September 2019.
The median sales price of previously owned single-family homes increased from $335,000 in August to $337,250 in September, which is up .7% and up 8.8% from the prior year. According to a new report provided by the Las Vegas Realtors.
A lot of the value is in Supply and Demand. If there are not that many homes on the market, our inventory levels are low, and Demand outweighs supply.
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!
Last month in the Luxury Market there were 87 homes that sold for $1 million and over, compared to August 64 homes, a 23 home increase.
The median sales price was $1,450,000 in September and $1,370,000 in August. A $100,000 increase in the median sales price for the luxury market.
The highest priced home sold for $10,150,000 with an asking price of $15,999,000. This home was located in the Ridges at Summerlin and had 5 beds, 8 baths, 14,518 sq. ft. with a lot size over 49,000. And it also sold with a conventional loan. This home was on the market for 432 days. (We talked about this one in The Rob & Ang Real Estate Show)
So, for September we had a total of 3,851 new listings, which was down .9% from August but up 9.3% from the prior year.
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!
There were also a total number of 4,798 single-family houses listed without offers at the end of September, up 3.4% from August, but down 34.6% from the prior year.
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.
There is a now 1.5 months housing supply in Southern Nevada, which is down 8% from August and down 45% 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. We are still in a sellers-market, but it is not as strong as it was from a year ago.
69% of the closings for the month September was on the market 30 days or less, in August this number was at 61.3% and in September 2019, 53.9% of the homes were on the market 30 days or less.
The housing market still faces plenty of unknowns, given that Las Vegas still has a high unemployment rate and that the coronavirus is still raging in Southern Nevada. But the valley has recouped many of the jobs it lost after the pandemic hit.
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 October 2020.
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