Las Vegas had an unseasonably hot real estate market last month. This is the time of year when we normally start to see sales cool off. However, we continue to see strong demand from Californians and other people migrating to Las Vegas from out of state.
Read or watch for the full November 2020 Las Vegas Real Estate Market Update. All data from LVR October 2020.
The median price of single-family homes continued to increase to $340,200. This is up 0.9% from the previous month and up 10.8% from the same time last year.
Condos and townhomes had a median sales price of $186,500. This is down 4.6% from last month (although the same as two months ago) and up 8.9% from last year.
The demand for Las Vegas housing remains strong, bolstered by new residents from out of state. There were 3.225 single-family homes sold last month. This is down 1.4% from the previous month, but still up 11.2% from the same time last year.
736 condos and townhomes closed last month, up 1.4% from last month and up 9.5% from the same time last year.
We continue to expect a very strong end of the year, when sales traditionally slow down due to the holidays.
Inventory continues to shrink. There were 4,501 single-family homes available last month, down 6.2% from the previous month and down 37.6% from the same time last year! Condos and townhomes followed suit with 1,428 units available. This was down 6.4% from last month and down 21% from the previous year.
The number of new listings hitting the market is pretty much on par with the same time last year….we need more inventory! Demand is far outpacing supply therefore our inventory continues to shrink.
Right now we are sitting on 1.4 months of inventory for single-family homes and 1.9 months for condos and townhomes. 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!
Demand coupled with low inventory continues to push up the price of homes. We are continuing to see a large influx of out of state buyers who are moving here for lower taxes, more space, and the fact that they can now work remotely.
Thinking of buying, selling, or just have questions? Click SCHEDULE YOUR FREE CONSULTATION in the upper right-hand corner of your screen.
All data is October 2020 numbers, supplied by the Las Vegas Realtors. Deemed reliable but not guaranteed.
