Las Vegas Housing Market Update – March 2021. Welcome to the March 2021 issue of our monthly market update for Southern Nevada. In this issue we will be going over February 2021 numbers.
There were 2,767 single-family houses that sold in February, up 4.9% from January and up 12% from February 2020.
The median sales price of previously owned single-family homes, went from $345,000 in January to $355,000 in February, which is up 2.9% from last month and up 12.3% from the prior year.
If you are thinking about selling, NOW is STILL an ABSOLUTELY AMAZING TIME TO SELL. Buyers are thirsty for inventory, and you are not competing with as many sellers!
Last month in the Luxury Market there were 95 homes that sold for $1 million and over, compared to January’s 81 homes, a 14 home increase.
The median sales price in the Luxury Market for February increased to $1,560,000 and in January that number was $1,530,000. A $30,000 increase in the median sales price.
So, for February we had a total of 3,017 new listings, which was up 6.4% from January, but down 6.9% from the prior year.
There were also a total number of 1,677 single-family houses listed without offers at the end of February, which is down 27.6% from January and down 60.4% from the prior year.
As we speak there are only 2,813 single-family homes, condos and townhomes on the market. Of which, 764 of those homes are tenant occupied. Bringing that total down to 2,049 single-family, condos and townhomes actually on the market.
If you break it down even further to only single-family homes, that number is 1,539. WOW! With a population of over $2 million people in the Las Vegas Valley and we only have 1,539 homes for sale!
Which brings us to the housing supply in Southern Nevada, it is now at .6 months, which is down 30.9% from January and down 64.7% from prior year.
66.7% of the closings for the month February was on the market 30 days or less, in January this number was at 64.4% and in February 2020, 50.4% of the homes were on the market 30 days or less.
If you would like to download the full report provided by Las Vegas Realtors, CLICK HERE!
Well, I hope you have enjoyed my monthly market update for March 2021.
Also, if you are thinking about buying or selling in the Las Vegas Valley, CLICK HERE or you can call me at 702-370-5112.
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