July 2020 Las Vegas Real Estate Market Report
The year 2020 has really been something.
We’ve banned together in sending healing vibes to Tom Hanks and Rita Wilson, only to be torn apart by political tensions and racial injustice.
We’ve witnessed the bizarre phenomenon of Tiger King, where Joe Exotic and Carole Baskin battle it out.
The Pentagon released several UFO videos (which nobody really noticed) because we were, and are still, trudging through a global pandemic sprinkled with Murder Hornets.
And now, the latest is the news of Kanye West running for President.
Regardless of your political beliefs, I think we can all agree that he’s released some pretty great songs over the years.
To keep things fresh, let’s look at this month’s report through the lyrics of Kanye.
Here’s what you need to know as a Las Vegas Valley homeowner.
I Ain’t Sayin’ She’s a Gold Digger ~ Kanye West
To say the market had pent up demand may be the understatement of the year!
Our Median Sold Price for Single Family Homes skyrocketed upward to $325,000. Up $10,000 since last month!
Could it be that we felt a little crowded during our stay-at-home directive and the household decision makers demanded a bigger, nicer home NOW!
Whatever the cause, many economists are predicting this pent up demand to last through the Summer.
Since our Spring buying season was temporarily halted, Summer is predicted to be the time for many to take action.
How Could You Be So Heartless ~ Kanye West
Last month we saw a surge in Pending Sales, predicting more Units Sold and a higher demand level this month.
And, that’s EXACTLY what transpired. Single Family Home Sales increased by approximately 700 units from last month.
However, the New Listing Numbers which usually increase this time of year, showed us no love or increase, essentially staying the same to last month -- so heartless!
Since demand levels increased and supply levels stayed the same, we see our Month’s of Inventory decrease to only 2.1 Months.
Month’s of Inventory or Month’s on Hand is the amount of time it would take to sell all the listed homes, assuming demand levels stay the same.
Traditionally, a 3 month supply of inventory tends to balance real estate market conditions.
Currently we are leaning toward a seller’s market.
Workout Plan ~ Kanye West
As we put all the information together, Las Vegas experienced a stellar month in real estate as our city reopened.
With the current pent up demand, and our low inventory levels, now is a great time to list your home for sale.
For a more in-depth conversation about reaching your particular real estate goals, let’s connect.
What’s your best plan moving forward?
Las Vegas Real Estate Market Highlights
|Single-Family Home Stats||June
2020 vs 2019
YoY = Year over Year
|Median Sold Price
Up 6.9% YoY
|Median Sold Price is solid, rising for the second month in a row to $325,000.
|Number of Single-Family Homes Sold||2,464
Down 15.1% YoY
|Selling about 700 more units than last month, we’re still down from our normal volume by about 15% during this time of year.
|Time on Market for Units Sold||0-30 days = 59.1%
31-60 days = 20.9%
61-121 = 20.0%
|80% of homes listed accepted an offer within the 1st 60 days on market.|
|Number of New Listings||3,244
Down 22.9% YoY
|The number of new listings was about even from last month, but historically lower than our normal Summer listing numbers.
|Months on Hand / Months of Inventory||2.1 Months
Down 23.4% YoY
|Pent up demand gobbled away our inventory again. In one month’s time, we went from 3.4 Months on Hand, back down to 2.1 Months on Hand, which is more of a seller’s market.