November 09, 2020 at 11:05am | Shauna Gut


Ah, Fall is here! And Fall in Vegas means that the temperature goes from the mid 90’s to the mid 50’s seemingly overnight. 

One of my favorite parts of this season is that in November, we are reminded to give thanks and be grateful for what we have,especially during Thanksgiving dinner.  


This month, we get an opportunity to break bread with family and make memories to last a lifetime. 

As my Grandmother always says, “Aren’t you glad the Pilgrims cooked a Turkey at the 1st Thanksgiving, instead of a Buzzard?” 

I think we can all agree with Grandma. . . Turkey is MUCH better than Buzzard!


As we look at our Las Vegas area Real Estate Market, let’s acknowledge that our families are odd and quirky, but that makes us love them all the more.  

Here’s what you need to know as a Las Vegas area homeowner as it relates to our typical Thanksgiving dinner.


The Overly Dramatic Football Fan


He’s glued to the TV and engages only in conversation about the game, which is on at unnecessarily loud levels. 


Great news! Our team has just taken the lead with the field goal! 

Median Sold Price this month has again surpassed last month, by a field goal. 

We are up by 3 this month … that is, up by approximately $3,000 to $340,250!


Inventory levels continue to be at the lowest levels that we’ve seen, with only 1.4 Months on Hand. 

Months of Inventory or Months on Hand is essentially how long it would take to deplete inventory, if buyer demand stays at current levels. 

We consider it a “healthy” real estate market when there’s approximately 3 Months of Inventory on Hand. 

We’re currently operating at less than half that! 

I’d say the Las Vegas Real Estate Market just got called for a Personal Foul inside our own 20 … that’s half the distance to the goal!


Normally I would say that we’re in an extreme seller's market, however, I don’t feel that it is a bad scenario for buyers now either. 

With interest rates being at all time lows, with no plan for increases, it is also not a bad time to buy. 

Whatever your real estate plans, let’s discuss so we can talk about what’s best for your particular goals. 

We want this to be a winning transaction for you, so after it’s finished, you get to talk with Michelle Tafoya. 

(She only interviews members from the winning team, in case that last reference was unclear.)



The Drunk Uncle


He shows up with a 12-pack, with no intention of sharing. 

And, it’s all fun and games until “his truth” starts pouring out. 


Well, here’s an unexpected truth for you … As we move closer to the Holiday Season, sellers who list their homes for sale now are more likely to sell quickly and for top dollar -- especially this year. 

Yes, it’s the same information as last month, but now… this is your last opportunity to capitalize on super low inventory and super high buyer demand. 

I’m not sure what the new year, or what impacts new leadership will bring into our market. Only time will tell.


This chart shows the relationship between New Listings and Homes Sold over the past 3 years. 

The pattern is pretty clear year after year with Units Sold (Blue) and New Listings (Green). 

You can see in the highlighted Yellow areas, where the Units Sold surpasses the Number of New Listings. 

It happens in December every single year. 

And, we are seeing this pattern as we move into this year’s the Holiday months. 




Random Guest of … ???


She sits in the corner, not talking to anyone. 

When you finally start talking to her, you realize she is here with Keith. 

And you think, “Do we know a Keith?” 

Oh well, honey, we’re glad you’re here. Make yourself at home.

I like to look at Pending Sales, to give me an indication of what is coming down the pipeline. 

So I can try and figure out who Keith is and why he brought a guest to dinner. 

The chart below shows Pending Sales, meaning homes that are in escrow, but the transaction has not closed yet.

It's a good indication of anticipated Closed Sales for next month.

Usually, most of the homes in escrow do close that next month.

What we are seeing on this chart is that we have more Pending Sales than we've ever seen in the last 3 years.

At 4,663 Pending Sales, I would expect November to show strong Closed Sales numbers.

I'm just hoping our inventory can keep up!

Have I mentioned that it is a good time to sell? I


Real Estate Market Highlights

Single-Family Home Stats

October  2020   vs 2019

Analysis // YoY = Year over Year

Median Sold Price

$340,200

Up 10.8% YoY


Up nearly 1% from last month, we are up nearly 11% Year Over Year.

Number of New Listings

3,592

Up 1.4% YoY

We are down nearly 300 New Listings from Last month, but surprisingly we are up from last October.  

Number of Single-Family Homes Sold

3,225

Up 11.2% YoY

We sold 45 less homes this month than last month, but up double digits from last year!

Months on Hand / Months of Inventory

1.4 Months

Down 43.9% YoY

We sold 11.2% more homes than last year, yet our inventory levels are at record lows. It really shows how strong buyer demand is right now.

Time on Market for Units Sold

0-30 days = 70.3%

31-60 days = 15.1%

61-121+ = 15.5%

Over 85% of homes listed are selling within the first 2 months. An increase from last month when 82% of homes sold within 60 days.

*The month depicted in the statistics is October 2020. November stats will be available at the beginning of December 2020. 



YOUR AREA STATISTICS




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