August 2020 Las Vegas Real Estate Market Report
This month, I am super excited about BASEBALL!
This year, the season is 60 games as opposed to 162. I’m actually a fan of this -- it makes each game mean a little more and I can’t wait to see all the amazing plays throughout the year!
This month, let’s correlate our real estate market to baseball references, making sure you have the information you need as a Las Vegas Valley resident.
“Up next is our rising star, Median Sold Price. He’s had an impressive 2020, only dipping slightly in April’s pre-season due to a minor injury.
He seems to be recovering very well as he reached his best stats yet this month!
We anticipate positive things to come from this promising athlete.”
I can’t believe it, but our Median Sold Price is up again.
And not just a little, up $5,000 from last month, from $325,000 to $330,000. Many are predicting that the increase in Median Sold price is in relation to the super low interest rates we've been experiencing. Buyers are able to purchase more house
for the same payments they were pre-qualified for earlier in the year.
Going, Going, GONE!
“Inventory at the plate. 1st pitch low and away, but catches a corner for Strike 1.
Next pitch, extreme drop ball but Inventory takes a big swing and connects. Inventory levels one and it’s going, going, gone!”
It pains me to say it, but Months of Inventory dropped AGAIN.
It was already low last month at 2.1 months, now at an absurdly low 1.4 Months.
Months of Inventory or Months on Hand is how long it would take to deplete current inventory if buyer demand stays the same.
The scarcely low Number of New Listings (3,703 was 14% greater than last month but still 10% fewer than our typical July listings) along with the increased Number of Homes Sold (3,325, which is 5.3% MORE homes sold than last YEAR!!) were largely responsible
for our low Months on Hand.
At 1.4 Months on Hand, this stat suggests that our entire inventory could be going, going, gone and turnover in the next 40-45 days - the average time it takes to close an escrow.
July produced an enormous amount of home sales, selling more homes than even last July, and really pushed our market forward to regain some of the setback from Miss Corona.
The Las Vegas real estate market is positioning itself for a strong late Summer and early Fall.
There’s No Crying in Baseball!
As our hospitality and dining sectors continue to suffer amid the pandemic and closures, our real estate market is really one key element in keeping our city striving forward.
For better or worse, our city has diversified over the last few decades and we are not as reliant on the strip for a strong economy.
Not to say that we won’t feel that loss or its impacts, but traditionally speaking, during a recession (minus the last great recession/housing crisis), home prices have shown increases or very mild decreases.
That is due to the fact that …. a recession does NOT equal a housing crisis. Going into this recession, our housing market is as solid as one could ask.