The Las Vegas Real Estate market had it’s busiest November for closings since 2011! Low inventory and high demand continue to push prices upwards.
Read or watch for the full December 2020 Las Vegas Real Estate Market Update. All data from LVR November 2020.
Last month, the median sales price of single-family homes continued to increase to $345,000. This is up 1.4% from the previous month and up 12.4% from the same time last year.
Condos and townhomes saw an increase of 7.1% from last month and 14.1% from last year to $199,700. The condo/townhome median sales price has consistently been fluctuating up and down $10,000, so while the stats show an increase of 7.1% from last month, it is up a more reasonable amount from 2 months ago.
Total sales for the entire resale market are now trailing 2019’s closings by only 3.1%. We expect a strong December, which could put us at or close to 2019’s total sales.
There were 3,035 single-family sales last month. This is down 5.9% from the previous month, which is to be expected for this time of year. In fact, the number of sales was up 26.1% from the same month last year.
726 condo and townhomes closed last month, down 1.4% from the previous month and up 34.7% from the same time last year.
We’re seeing inventory continue to shrink every single month as new listings aren’t keeping up with demand. There were 3,756 single-family homes available for sale last month. This is down 16.6% from the previous month and down 42.5% from last year!
Similarly, there were 1,288 condos and townhomes available for sale. This is down 9.8% from last month and down 24.7% from the same time last year.
There were 4.3% more single-family homes to hit the market last month than the same time last year, however, this is not nearly enough to keep up with the high demand. Subsequently, the months of inventory once again shrunk to 1.2. There where 4.1% fewer new condos and townhome listings than last year. This left the market with 1.8 months of inventory.
Both these markets heavily favor the seller. A balanced market is seen as having 6 months of inventory. About 70% of homes are selling in under 30 days!
The Las Vegas Luxury Market is extremely hot. This is buoyed in small part by the increase in sports teams in the area, but mostly by wealthy individuals relocating into the area.
There have been 695 luxury homes sold so far this year (priced at over 1 Million). Comparatively, there were only 530 units sold this same time last year.
The luxury market has seen months of inventory drop from 14 months of inventory last year to 7 months of inventory currently! Luxury new home builders are also having trouble keeping pace with demand.
Along those same lines, Lake Las Vegas is finally having its renaissance. The area was extremely hard hit by the Great Recession in 2008. Although it has consistently been picking up momentum year by year, sales in the area have exploded this year. Many buyers are reassessing their living situations and enjoy the peaceful, tranquil lifestyle of Lake Las Vegas.
We continue to see strong demand and shrinking inventory. While some are waiting for the next crash to buy, they might be waiting a while, as we foresee a very strong 2021. Interest rates should remain under 3% for the majority of next year. We do no anticipate the end of eviction moratoriums or mortgage forbearance to flood the market. There is so much demand, that an increase in inventory can easily be absorbed.
Thanks for reading! Happy holidays!
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All data is November 2020 numbers, supplied by the Las Vegas Realtors. Deemed reliable but not guaranteed.