The real estate market is beginning to soften as we roll into September but still continues to heavily favor the seller. Single family home sale prices have remained stable from the previous month and as expected, the number of sold listings has dropped as well. New inventory has increased from the spring of this year but we are still down by close to 30% from the previous year indicating that this market still favors the seller. More people who were pushed out of the single family market due to home prices gravitated to condos and townhomes and we have seen a significant increase in the sale of condos and townhomes this past month.
We discuss all these changes in the market and provide tips on how sellers can leverage other homes on the market to stay competitive.
Read or watch for the full September 2021 Las Vegas Real Estate Market Update. All data from LVR August 2021.
As the market begins to soften, median prices of single-family homes stayed the same from the previous month at $405,000. Although this is the same from the previous month, it is still up by 20.9% from the same time last year.
On the other hand, the median sales prices of condos and townhomes increased to $229,000 . This is up 2.1% from last month and up 23.8% 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 becoming slightly more balanced, the real estate market still heavily favors the seller.
There was another decrease from the previous month to 3,210 single-family homes sold last month. This was down 4.2% from the previous month and up a total of 10.3% from the previous year. Note that the large increase from the previous year is protracted due to the height of COVID impacting sales from the same time last year.
888 condos and townhomes were sold last month. This was up 1.7% from the previous month and up 29.8% from the same time last year. Likewise the increase from the previous year was affected by COVID impacting units sold.
While the demand exists for new homes, this is where we start to see the market balancing out towards the buyer although we are still in a sellers market.
Inventory has increased slightly but still remains low at just 3,256 single-family homes available for sale, which is up 8.3% from the previous month and down 29.8% from the same time last year. New listings for single-family homes are still staying pretty steady at 3,985 new listing this month, which is down 2.3% from the previous month and up 2.5% from the same time last year. We tend to see the real estate market slow down towards the end of the year from November – January, and sellers can leverage this drop off in new listings to put their house on the market to attract buyers who are shopping from a smaller pool of available homes.
Along those same lines, there were 687 condos and townhomes available for sale. This was up 3.8% from last month and down 55.5% from last year. New listings for condos and townhomes remain pretty steady at 1,000 new listings which is down 1.6% from the previous month and up 5.9% from the same time last year.
Currently, effective months of availability has increased slightly for both single-family homes and condos and town homes. Single-family homes is currently at 1 month of inventory while condos and townhomes are at 0.8 months of inventory. A balanced market that neither favors the buyer or the seller balances out at around 6 months of inventory. While this is an increase in inventory from earlier this year, 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 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 August 2021 numbers, supplied by the Las Vegas Realtors. Deemed reliable but not guaranteed.