September 17, 2020 at 12:22pm | Shauna Gut

Your September 2020 Las Vegas Real Estate Market Report. Let's see why prices keep increasing.


It’s that time of the year … where everything is sprinkled with Pumpkin Spice. 

And the real estate market was on fire!  

In fact, I found it helped seal the deal when presenting offers on behalf of my buyers, to sprinkle a little pumpkin spice to add desirability. 

I say this in jest, but in reality, I would do anything to help my clients’ real estate dreams come true! 

That includes making sure you have the information you need as a Las Vegas Valley resident. 

Here’s what you need to know this month!


I'll tell you what I want, what I really, really want ~ Spice Girls

Our pricing through the pandemic has been consistently on the rise! 

In April we saw a significant drop from $319K down to $310K.  

However, every month since April, our housing market has been building upon itself, now at $335K. 

What we are seeing is a direct result of supply and demand.  

When Safety and health concerns arose due to COVID-19, it caused many potential sellers to hold off on selling.  

With a decreased number of homes for sale, and demand still strong, this is the perfect opportunity for prices to increase. 

The big question for some is “how can buyer demand be so strong, amid so many layoffs and business closures?”  

What we are seeing is that buyer demand has stayed strong for those not impacted by the pandemic. 

Unfortunately there are some industries that have been drastically affected by the pandemic, such as restaurants, hospitality, gaming, beauty, retail, etc. 

While other industries are thriving during these times, such as medical, mortgage and banking, construction, online retailers, grocery, home improvement, and fast food. 

This dynamic creates a non-cohesive economic environment.

As we head into the holiday season, traditionally, we see the Number of New Listings drop every month from September thru December. 

But, what we also are used to seeing is a large amount of homes being listed in the Summer months, which did not happen this year. 

Currently our Months on Hand is only 1.6 months. 

It is up from last month at 1.4 Months, but that’s not saying much. 

Months of Inventory or Months on Hand is how long it would take to deplete current inventory if buyer demand stays the same. 

The big questions are: (1) Will buying demand stay the same as it is today? And (2) Can our listing levels drop even lower than what they already are? 

Trust me when I say that I’m watching both very closely!

Looking at Pending Sales, it’s an indication for what’s to come. 

In August, we had 31,902 Pending Sales. 

To put that number in perspective, in February 2020 (pre-pandemic) we had 33,921 Pending Sales. 

At nearly 2,000 less escrows opened, it seems that our real estate market still has some catching up to do. 

So, what do I want? What do I really, really want? 

I want listings to increase and our market to stabilize. 



Real Estate Market Highlights

Single-Family Home Stats

August

2020 vs 2019

Analysis

YoY = Year over Year

Median Sold Price

$335,000

Up 9.8% YoY

We’re seeing an increase for the 4th month in a row; up from $330,000 last month!

Number of Single-Family Homes Sold

2,990

Down 8.1% YoY

Down from July 2020 by 12.5% and down from last year, Sold homes this August were less than expected. 

Time on Market for Units Sold

0-30 days = 61.3%

31-60 days = 15.9%

61-121+ = 22.8%

Our low inventory levels have produced an environment where homes are selling quickly and for top dollar.

Number of New Listings

3,887

Down 5.5% YoY

We normally see a surge of listings over the Summer months, however, this year is anything but normal. Sellers … Now is the time to sell!

Months on Hand / Months of Inventory

1.6 Months

Down 35.0% YoY

Up slightly from last month (1.4 Months), we are still drastically lower than normal.

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

If you’re thinking about buying or selling (or both) in the next 12 months, now is the time to start preparing for market. You’ve worked hard for what you’ve earned, and you’re right to want a home that better fits your lifestyle. 


Call me today for your Strategic Marketing Consultation 🡪 (702) 957-1556

We will cover your goals and my unique approach to ensuring your real estate goals become an effortless reality for you. 


To your health and success!

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