Inventory continues to shrink. We are in an extremely strong seller’s market, with many homes receiving multiple offers in a day. If you’ve been thinking of selling and have somewhere to go…now is the time!
Read or watch for the full February 2021 Las Vegas Real Estate Market Update. All data from LVR January 2021.
The median price of single-family homes stayed steady last month at $345,000. This is the same as the last two months, but up 13.1% from last year!
Condos and townhomes continue to fluctuate in their median sales price, landing at $193,000. This is up 3.8% from the previous month and up 10.3% from the same time last year.
We expect low inventory and strong demand to put upward pressure on median sales price throughout 2021.
2,638 single family homes sold last month. This was down 20.2% from the previous month. It’s important to note that a slow down in January closings is normal for this time of year, as buyers are less likely to be shopping over the holidays. In fact, closings were UP 15.5% from the same time last year.
There were 624 condos and townhomes sold last month. Similarly, this was down 21.2% from the previous month but up 5.4% from the same time last year.
An interesting data point to look at moving forward is pending sales, which give us a sneak peek into what we can expect next month. Pending single-family sales were up 9.5% year over year, and condos and townhomes were up 28.3%
We don’t expect huge gains in units sold year over year. The demand is there, but there are hardly any homes available on the market for buyers to purchase!
Once again, inventory continues to shrink. There were 2,315 single-family homes available for sale. This was down 28.5% from the previous month and down 52.8% from the same time last year.
Along those same lines, there were 847 condos and townhomes available for sale. This was down 26.5% from last month and down 40.3% from last year.
New listings were up from December, but down 8% from the same time last year. the single-family resale market is down to 0.9 months of inventory and condos and townhomes have 1.4 months A balanced market that neither favors the buyer or the seller is around 6 months of inventory.
This market heavily favors the seller. If you’re thinking of selling, the time is now! As mentioned above, nice homes in desirable areas are seeing multiple offers the same day they hit the market. Often, many offers are over ask and willing to pay a certain amount above appraised value.
If you’ve been thinking of selling, now is the time. Many listings are receiving multiple offers within hours…and the buyers are often paying over ask and waiving appraisals.
Financially, now is still a great time to buy due to low interest rates. However, be prepared to move fast and be competitive with your offers.
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All data is January 2021 numbers, supplied by the Las Vegas Realtors. Deemed reliable but not guaranteed.