The Las Vegas real estate market is staying strong as we move into the final quarter of the year. Sales were up across the board. While more new listings hit the market than normal for this time of year, they weren’t enough to keep up with demand.
Read or watch for the full October 2020 Las Vegas Real Estate Market Update. All data from LVR September 2020.
The median price of single family homes was $337,250. This is up .7% from the previous month and up 8.8% from the same time last year.
Condos and townhomes had a median sales price of $195,500. This is up 5.7% from last month (although the same as two months ago) and up 14.3% from last year. Condos and townhomes had a slower recovery than single family homes earlier in the summer. However, people are getting pushed out of the single-family home market and into condos and townhomes.
Total sales across the Valley are remarkably only 7% behind last year’s closed sales. While many home buyers and sellers paused the process during the spring season, pent up demand made up for lost time throughout the summer and early fall.
There were 3,270 single family homes sold last month. That’s up 12.4% from the previous month and up 18.9% from the same time last year.
There were 726 condos and townhomes sold which is up 6.1% from the previous month and up 6.8% from the same time last year.
We expect to see a very strong fourth quarter, with the potential to catch up to 2019’s sales.
There were 4,798 single family homes available for sale. This is up 3.4% from last month but down 34.6% from last year. Buyers could choose between 1,525 condos and townhomes, down 1.3% from last month and down 16.7% from the same time last year.
While there were about 10% more new listings than this time last year, the inventory is still not enough to keep pace with demand. There are 1.5 months of inventory for single family homes. This is down 8% from last month and down 45% from last year. Similarly, condos and townhomes had 2.1 months of inventory, down 2.2% from last month and down 21.9% from last year.
Across the board, the market is heavily favoring the seller. This means sellers may receive multiple offers on well-priced homes, will be less willing to negotiate on price, and less likely to give concessions such as closing costs.
Despite the trying times, 2 new developments have opened within the last month in Las Vegas. Area 15 is an immersive retail and entertainment complex that has been in development for a few years. Hard to describe, this is a development that truly must be experienced. Click here for upcoming events and more information.
Circa resort and casino is also opening its doors this month. This adult’s only downtown casino is home to the world’s largest sportsbook, and Stadium Swim, a complex of 6 pools in an outdoor amphitheater so patrons don’t have to pick between watching sports and lounging at the pool.
Governer Steve Sisolak announced a change this month to capacity size for gatherings. This change increases the limit from 50 people to either 250 people or 50% capacity of the venue, whichever is less. This change paves the way for shows and small conventions to resume.
Perhaps even more exciting, is an announcement by Wynn and MGM plans in the works to create a “bubble” of safety around convention attendees by rapid testing everyone upon arrival. This, along with other safety precautions, could help speed up a return to events.
Only one of the major conventions normally slated for early 2022 is still on the books: The SHOT show.
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 September 2020 numbers, supplied by the Las Vegas Realtors. Deemed reliable but not guaranteed.