From the end of the month of October, the real estate market has been slowing down as is typical for the end of the year. Single family home sale prices have increased from the previous month and home inventory continues to decrease. The housing market still remains very active, particularly in the luxury market, and still favors the seller. As more people who were pushed out of the single family market due to home prices gravitated to condos and townhomes, condo and townhome sales continue to increase and also heavily favors the seller.
We discuss all these changes in the market and talk about the Zillow iBuying failure and how it affected the housing market.
Read or watch for the full November 2021 Las Vegas Real Estate Market Update. All data from LVR October 2021.
Even though the market has started to soften, median prices of single-family homes went up slightly from the previous month to $410,000. Although this is a slight increase, the median sale price rising in increments of 5% – 6% are no longer happening as we saw them rising earlier this year. Overall, towards the end of the year, the market is slowing down and stabilizing.
On the other hand, the median sales prices of condos and townhomes increased by 2.6% from the previous month to $236,000 . This is up 26.5% from the same time last year. We expect this increase to continue into next month as more people who have been pushed out of the single family home market look to purchase condos and townhomes.
Note that although the market is beginning to slow down, the real estate market is still very active and heavily favors the seller.
The total number of units sold decreased as anticipated from the previous month to 3,077 single-family homes sold last month. This was down 4.1% from the previous month and down a total of 4.6% from the previous year. This past month was the first month in the whole year that we saw less home sales compared to the previous year. At this time last year, there was so much demand that sales continued to increase due to factors such as people moving into town, buyers from California and other neighboring states even as the economy started to open up from COVID. Pending sales for single family homes are down 10% from the previous year.
A total of 805 condos and townhomes were sold last month. Likewise with condos/town homes, this was down 7.4% from the previous month but still up 9.4% from the same time last year. Pending sales for condos and townhomes are up 2% from the previous year.
Inventory has decreased for the first time since February of this year, with just 3,287 single-family homes available for sale, which is down 5.1% from the previous month and down 27% from the same time last year. New listings for single-family homes are down this month as well as fewer people are listing their homes. Total number of new listings for single family homes this month is at 3,564 which is down 3.4% from the previous month and down 0.8% from the same time last year. Inventory continues to remain low at just 1.1 months of inventory and prime areas are still seeing multiple offers.
Along those same lines, there were just 583 condos and townhomes available for sale. This was down 7.2% from last month and down 59.2% from last year. New listings for condos and townhomes remain pretty steady at 864 new listings which is down 0.6% from the previous month and up 1.4% from the same time last year. Effective months of availability for condos and townhomes has dropped to just 0.7 months, heavily favoring the seller.
A balanced market that neither favors the buyer or the seller balances out at around 6 months of inventory. We are still in a heavy sellers market and inventory remains low.
If you’ve been thinking of selling, the market remains ripe for you to do so. Many listings in prime areas and the luxury market in particular are receiving multiple offers and buyers are still making moves to purchase homes. We recommend that you use this real estate market update as a guide as real estate is local to your area. This means that you may have a sellers market or a buyers market depending on the region or local area you are looking to buy/ sell. There are benefits to selling your home as the real estate market winds down towards the end of the year and we highly recommend searching for a good realtor, which can make all the difference to selling your home.
All data is October 2021 numbers, supplied by the Las Vegas Realtors. Deemed reliable but not guaranteed.