February 2021 Las Vegas Real Estate Market Update
As we move into February, we watched Super Bowl LV and celebrated Valentine’s Day with our loved ones.
Did you know that the NFL treated 7,500 healthcare workers to a Super Bowl weekend,
including a concert and tickets to the Big Game?
And, lots of love and appreciation to our healthcare workers.
Here’s what you need to know as a Las Vegas area homeowner, as it relates to Football.
No Drama Llama
This month in real estate was similar to this year’s Super Bowl . . . It was shockingly unsuspenseful with very little drama.
I think everyone was expecting a little more excitement than what really happened.
So, just like Tom Brady winning another
Super Bowl and earning another
MVP award (same ‘ol, same ‘ol), our single family Median
Sold Price stayed exactly the same as the two months prior at $345,000.
The graph below might be the most uneventful graph we’ve ever created.
I know it sounds odd, but I actually LIKE the fact that our Median Sold Price has held steady the last few months.
We were at risk of becoming an inflated market, which doesn’t do anybody any good.
With buyer demand still high and sellers getting top market value for their homes, our real estate market is looking very stable and drama-free for the foreseeable future.
To celebrate our stable Median Sold Price, I’m giving away No Drama Llama buttons to anyone considering buying or selling.
Let’s chat and review your options.
No pressure or obligation, just an honest conversation.
Plus, you will get a coveted No Drama Llama button.
Need I say more?
Median Price Per Square Foot(Ball)
Where did we see the largest jump in pricing?
When we dig down to Median Price per Square Foot, and then segment by various price points, we see a significant jump in the $1,000,000+ Luxury Market starting in October 2020.
In fact, from October 2020 to November 2020, the Million Dollar Plus Luxury Market went from $302/sq ft to $314/sq ft.
Starting the year at $288/sq ft and ending at $319/sq ft, that segment saw nearly an 11% annual increase in Median Price Per Square Foot.
Considering the other segments showed an increase of approximately 5%, that’s more than double!
The Luxury Market was the Real MVP!
The Navy Blue line showing Median Sold Price in the Under $299,999 segment is difficult to see, but is in line and hung in there, but just barely below the Red $300,000 - $599,999 segment.
So, hypothetically ... if we were to relate the segments above to players in the Super Bowl, my take is this:
Green = Tom Brady
Clearly the best player out there, and he’s raising the bar for all his teammates around him.
Purple = Rob Gronkowski
Coming out of retirement to play this year, his natural ability is above the others, but we didn’t see huge improvements in his performance from before.
Red = Patrick Mahomes
We were rooting for him to take the Chiefs to a 2x Super Bowl win, but his hurt toe and the Bucs defensive line had other ideas.
Navy Blue = Every other player out there
I’m sure there were lots of great players out there, but we could barely notice them out of the shadows of talk surrounding Patrick Mahomes, Rob Gronkowski and Tom Brady.
It seems all the football analysts and experts expected a high scoring game for the Super Bowl.
After all, we had two top quarterbacks, known for their knack to “get it done under pressure” going head to head.
Unfortunately, that was not the case.
The Bucs defensive line proved too much for the young Mahomes.
He led his team to an uncharacteristically low 9 total points.
This was the first time in over 30 games where Mahomes did not score a touchdown.
And that brings us to our uncharacteristically low inventory levels.
In fact, the only thing lower than our inventory levels this month, is the number of touchdowns the Chiefs scored in the Super Bowl this month. Eeek! Too soon?
Inventory on Hand: 0.9 months
Total number of touchdowns by the Chiefs: 0.0 touchdowns
This month we did a great job of increasing the Number of New Listings almost 18% over last month.
But it was still not enough to quench the thirst of our buyers.
They want more!
So let’s give it to them!