December 08, 2020 at 9:33pm | Shauna Gut

Hello, Neighbor!


It’s time to celebrate the most wonderful time of the year! 

The time of year when we smile more often and give longer hugs to those we love. 

When sugarplums dance in our heads and we look forward to all our favorite holiday traditions. 

Whether you celebrate Christmas, Kwanzaa, Ramadan, Hanukkah, or other, we wish you a very Happy Holiday Season! 

As we look at our Las Vegas area Real Estate Market, let’s remember our favorite Holiday Movie Quotes … Well, my favorite holiday movie quotes. 

Here’s what you need to know as a Las Vegas area homeowner.



Median Sold Price is UP!


 


Turns out, our Economics teachers were right. . . Low inventory, combined with massive buyer demand, equates to higher prices. 

We’ve seen an increase in Median Sold Price every month since April this year, after we had a slight blip due to the pandemic closures.  

We closed out November at a whopping $345,000, up 1.4% since last month!


Last month, I made the following statement … 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.


For those of you who did decide to sell your home during the Holiday Season, I’m sure you were very happy with the level of buyer interest in your home and the offers that followed.


 “I just like to smile, smiling’s my favorite.” Buddy the Elf

Click HERE for the Video Clip



We are Experiencing the Lowest Inventory Levels in YEARS!



As our year comes to a close, we expected to see the Number of New Listings naturally decrease. 

While we saw a substantial 23% decrease from last month, we saw an unexpected increase from last November. 

We saw about 4% more New Listings hit the market this November than we had last November! 

Great News!


But … and sadly there is a but … We also sold 26% more homes this November than last November. 

So … that 4% increase disappeared pretty quickly, as we ultimately ended up with less inventory this month than last. 

I was very surprised to see our inventory levels drop even lower than our 1.4 Months on hand from last month, as I wasn’t sure they could go any lower. 


“If I woke up tomorrow with my head sewn to the carpet, I wouldn’t be more surprised." — Clark Griswold, Christmas Vacation 

Click HERE for the Video Clip


Inventory is the lowest it has been in years, with only 1.2 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.


To put our inventory levels into perspective, just know that we could easily TRIPLE our inventory levels and still be in a strong and healthy real estate market.


So, I’m going for the throat here … I’m going to skip the Triple Dare etiquette and go right to the Triple Dog Dare!


I Triple Dog Dare You! — Schwartz, A Christmas Story 

Click HERE for the Video Clip


I Triple Dog Dare You to take advantage of these phenomenal real estate market conditions. 

Make the move you’ve been thinking about, get top dollar for your home, and rest assured that you made the right decision.




Real Estate Market Highlights

Single-Family Home Stats

November

2020 vs 2019

Analysis

YoY = Year over Year

Median Sold Price


$345,000

↑ 12.4% YoY


Up 1.4% from last month, we are up over 12% since last year. Low inventory and strong demand have kept our values on the incline.

Number of New Listings

2,776

↑ 4.3% YoY


Holding true to past years, our New Listing numbers dropped from last month, but I’m happy to report that we are up just over 4% from last year! 


Number of Single-Family Homes Sold

3,035

↑ 26.1% YoY


We sold slightly less than last month, but saw a 26% increase from last year. If this doesn’t say “Strong Buyer Demand” I’m not sure what does.


Months on Hand / Months of Inventory

1.2 Months

↓ 54.4% YoY


We’ve dropped to 1.2 Months on Hand, which is over 54% LESS than last year. Meaning, we have less than half the inventory we did last year!


Time on Market for Units Sold

0-30 days = 68.8%

31-60 days = 15.9%

61-121+ = 15.3%

Nearly 85% of homes listed are selling within the first 60 daays. 

*The month depicted in the statistics is November 2020. December stats will be available at the beginning of January 2021. 


YOUR AREA STATISTICS



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