November saw the Las Vegas area real estate market quiet down in the annual holiday lull, but it still showed signs of growth. The number of homes that sold dropped predictably from 6,124 in October to 5,659 in November and the number of active listings dropped from 14,851 to 14,137 during the same time.
The average price increased from $338,038 in October to $351,706 in November. This represents a market record high average price. Although the record high is impressive, the increase itself isn’t particularly unique; we have seen sales go down and prices go up during this time frame in the past. What makes this unique is that these numbers compared to last year are markedly higher. In November 2019, 5,185 homes sold at an average price of $306,096 with 18,781 active listings. The 2019 numbers weren’t a lot different from those in 2018; 5,042 homes sold at an average price of $282,067 with 18,322 active listings.
What makes this year of particular interest is the growth we see from previous years has occurred despite a pandemic that has caused its own unique economic challenges. Earlier in the year when the situation was emerging, we were holding our collective breath, hoping that the market would not experience too much turbulence from the economic fallout. Never would we have imagined that Las Vegas real estate would have such a strong year.
Although our real estate market is thriving, such growth presents its own challenges. If you are thinking of buying or selling a home in this dynamic market, get in touch with us and let us show you how we can help get the best deal!
**Information is deemed reliable but not guaranteed**