What’s Going on with the Las Vegas Real Estate Market? February 2021. Welcome to the February issue of our monthly market update for Southern Nevada. In this issue we will be going over January 2021 numbers.
There were 2,638 single-family houses that sold in January, down 20.2% from December, but up 15.5% from January 2020.
The median sales price of previously owned single-family homes, remained the same at $345,000 in January, which is up 13.1% 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 81 homes that sold for $1 million and over, compared to December’s 119 homes, a 38 home decrease.
The median sales price in the Luxury Market for January decreased slightly to $1,530,000 and in December that number was $1,570,000. A $50,000 decrease in the median sales price.
Also, these record low mortgage rates are providing much of the fuel in the market, by letting people who are still working or have strong finances be able to lock in lower, more affordable monthly payments.
And let’s not forget about all the people fleeing from California, Oregon, Washington State, New York, and New Jersey to move to a state with lower taxes and lower cost of living. Who are paying cash, driving our prices up due to the low inventory. Again, typical Supply and Demand.
So, for January we had a total of 2,835 new listings, which was up 17.8% from December, but down 8.5% from the prior year.
There were also a total number of 2,315 single-family houses listed without offers at the end of January, which is down 28.5% from December and down 52.8% from the prior year.
The housing supply in Southern Nevada is now at .9 months, which is down 10.5% from December and down 59.2% from prior year.
64.4% of the closings for the month January was on the market 30 days or less, in December this number was at 66.9% and in January 2020, 46.1% 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!
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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