Welcome to the October 2021 issue of our monthly market update for Southern Nevada. In this issue we will be going over September 2021 numbers.
All told, prices have been climbing to new all-time highs on the resale market practically every month this year, with the median having jumped by just over $100,000 since January 2020 — a staggering 33% increase in less than two years.
It has been increasingly difficult to buy a home in Southern Nevada, increasingly expensive and, some have said, increasingly unaffordable. The market is starting to stabilize even while home prices set another record.
Southern Nevada may actually be getting back to the type of seasonal trends we were 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 3,209 single-family houses that sold in September, making this flat from August, but down 1.9% from September 2020.
The median sales price of previously owned single-family homes, increased to $406,500 last month; which is up .4% from August and up 20.5% from the prior year.
Last month in the Luxury Market there were 119 homes that sold for $1 million and over, compared to August’s 112 homes, a 7 home increase.
The median sales price in the Luxury Market for September decreased to $1,275,000 and in August that number was $1,300,000. A $25,000 decrease in the median sales price.
So, for September we had a total of 3,689 new listings, which was down 7.4% from August and down 4.2% from the prior year.
There were also a total number of 3,463 (last month that number was 3,256) single-family houses listed without offers at the end of September, which is up 6.4% from August, but down 27.8% from the prior year.
Which brings us to the housing supply in Southern Nevada, it is now at 1.1 month, which is up 6.4% from August and down 26.5% from prior year.
83.8% of the closings for the month September was on the market 30 days or less, in August this number was at 87.8% and in September 2020, 69% of the homes were on the market 30 days or less.
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Well, I hope you have enjoyed our monthly market update for October 2021. September 2021 Market Update.
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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