The Las Vegas area real estate market has been unbelievable this summer. July sales were through the roof; 6,592 homes sold, a number we haven’t seen since August 2018. And although August total sales were down, the average sale price of $324,950 is a new high in our post-recession market.
What is going on? We can find the answer by looking at the number of homes offered for sale. The second graph shows that after a peak in April, the number of active listings has been steadily dropping. This isn’t a usual pattern; we generally see listings go up throughout the summer and then start their seasonal descent around July-September.
Our market has been running on an average of three months of inventory on any given month. It dropped to two in July but crept back up to three in August. This indicates that the balance we’ve been seeing for the past few years is still in play; as the number of listings has dropped, the number of buyers has also dropped accordingly. However, the rather dramatic price increase over the past two months would point to the idea that although the pool of buyers has decreased during the pandemic, they are very keen on buying homes, likely fueled by historically low interest rates.
Which means the Las Vegas real estate market is in an unusual situation of being advantageous for BOTH buyers and sellers; buyers can take advantage of incredibly low interest rates, and sellers can get more for their homes.
If you want to take advantage of this unprecedented market, contact us and let us show how we can help YOU make the most of it!
Text/Cell Lisa 702-401-2349
Text/Cell Andy 702-400-9440
Information provided by GLVAR. Data is considered reliable but not guaranteed.