Greater Las Vegas Market Update
2020 residential closings have brought year to date performance to within 5.6% of 2019 as November added to the previous month’s strong performance. Meanwhile, SFR inventory dipped slightly to 1.5 months overall due primarily to a lackluster listing month even as demand remained high. This translates to less than one month of marketable inventory.
There were 4,649 residential listings taken in November – down another 398 units from October. The 4,886 available SFR listings at this time is 411 homes less than last month, while the 5,728 Pended listings reflects a 1.4% increase in open escrows. However, the 3,966 residential closings in November represents a 0.9% dip from previous months closings.
*** SEE THE CHARTS AND GRAPHS BELOW ***
The median closed sales price of an SFR across the entire Las Vegas valley improved slightly from $337,250 to $341,000 for a 1.1% increase. Similarly, the average closed sales price of an SFR went from $407,934 to $414,958 for another 1.7% bump up.
Note of Caution: We are experiencing a lumber shortage which is causing some slowdown in new construction and major rehab projects. A recent Fortune report by Lance Lambert is titled; ‘Severe lumber shortage’ is adding $14,000 to the cost of a new home. Click Here to Read this Article
The remaining months of 2020 and at least the first half of 2021 are expected to continue to be a great market for both buyers and sellers as Las Vegas successfully transitions from solely an entertainment destination to a healthy metropolitan city that enjoys a stable and growing economy with a large and growing population of permanent residents.
This is a quick snapshot of new home sales vs existing home sales from October 2020 :
(most recent data available)