Las Vegas Real Estate Market Report: October 2020
Did you know that Nevada Day is October 31st?
Which also happens to be Halloween. Growing up, we always got “Halloween” off.
However, in 2000, in an effort to increase tourism to the state, the celebrated day off was changed to the last Friday of October to create a 3-day weekend.
So, this month, let’s celebrate Nevada, as we take a look into our real estate market.
Here’s what you need to know this month as a Las Vegas Resident!
Home Means Nevada to Me ~ Bertha Raffetto & updated version by The Killers
Our pricing through the pandemic has been consistently on the rise, and this month is no exception.
Up again from last month’s $335K to now $337,250.
I believe this to be the result of low inventory, and buyer demand remaining strong.
We’ve seen a surge in homeowners up-sizing their homes along with residents from surrounding states making Las Vegas their new home.
While HOME has always meant Nevada for me, many more are taking advantage of the fabulous Nevada Lifestyle.
Welcome to the Fabulous Las Vegas -- Here’s a Bouquet of Sagebrush
As we move closer to the Holiday Season, we typically see a drop in the number of New Listings on Market.
Many homeowners falsely believe that selling during the holiday season is a bad idea - and that there aren’t any buyers looking during the holidays.
However, that couldn’t be further from the truth.
The reality is that during the holiday season, sellers who list their homes for sale are more likely to sell quickly at top dollar -- especially this year.
This chart shows the relationship between New Listings and Home Sold over the past 3 years.
The pattern is pretty clear year after year with Units Sold (Blue) and New Listings (Green).
I’ve drawn the pattern over top and highlighted December in yellow.
At the beginning of the year, listings substantially increase until around Summer, and then slowly dwindle down.
However, THIS YEAR, we never saw that huge increase in listings in April, due to the pandemic.
Our listing levels actually dropped to record lows, and although listings have increased from April’s numbers, they are still not where they need to be and buyer demand is quickly catching our New Listing Numbers.
If this pattern continues into the Holiday months, our supply will be almost non-existent, and will force prices upwards.
Many homeowners opt to sell after the holidays and I should note that in January of every year, we always see the largest gap between the surge of New Listings and the lowest buyer demand levels, meaning sellers have less of a chance to sell quickly and for top dollar.
Historically homes will sit on the market longer when listed in January than in November/December.
P.S.: Did you know that sagebrush is our state flower?
Real Estate Market Highlights
|Single-Family Home Stats||September
2020 vs 2019
YoY = Year over Year
|Median Sold Price||$337,250
Up 8.8% YoY
|Wow! Another monthly increase! Up 8.8% since last year and up 0.7% from last month.|
|Number of Single-Family Homes Sold||3,270
Up 18.9% YoY
|Increasing from last month, from 2,990 to 3,270 homes sold.|
|Number of New Listings||3,887
Down 5.5% YoY
|The number of listings dropped slightly from last month, from 3,887 to 3,851.|
|Months on Hand / Months of Inventory||1.5 Months
Down 45.0% YoY
|We saw the Number of New Listings decrease and the Number of Homes Sold increase, to decrease our overall inventory on hand to 1.5 Months. Down again from last month’s 1.6 Months. We are down 45% from our inventory levels from this time last year.|
|Time on Market for Units Sold||0-30 days = 69%
31-60 days = 13.6%
61-121+ = 17.4%
|Over 82% of homes listed are selling within the first 2 months.|