April 08, 2021 at 2:23pm | Shauna Gut

April 2021 Las Vegas Real Esate Market Update


Guess what time of the year it is? 


If you knew it was Cadbury Creme Egg time, then we need to hang out more. 


Message me anytime #spiritanimal.



Regarding our real estate market, let’s bite into something gooey and delicious and discover what’s going on this month in our Las Vegas Area market.



Yeah, Not Enough


Remember the good ol’ days when there was a giant bin of Cadbury Creme Eggs at the end of a random aisle?


I would fill up my makeshift bag, that I made from lifting my shirt bottom, to hold as many eggs as possible.


Half of them were oozing out of the tinfoil packaging, and the other half had fallen on the ground at least once.  


It was great!


Then, Cadbury got a little smarter and packaged them in groups of 4. 


Uh, 4? 


Yeah, not enough, but we appreciate the effort.


That’s what this month’s Median Sold Price said to last month’s Median Sold Price … 


“Yeah, not enough, but we appreciate the effort.” 


This month’s Median Sold Price experienced another huge increase this month. 


We began the year with a Median Sold Price of $345K, then we increased to $355K, and now … drumroll please … $363K!


Largely driven by demand, home prices are increasing rapidly.


 


I have been asked many times over these last months about whether we are experiencing a bubble and if I foresee a crash coming. 


The best way I can think of to answer this question is with a meme I saw the other day from @jaybruzas. 


Currently we are seeing the greatest of all time, GOAT if you will, market conditions with no signs of slowing. 


The market just keeps looking better and better, and playing better and better. 




In case you are wondering how this image could possibly relate to Cadbury Creme Eggs. 

Well, ladies and gentlemen … both are very, very good and have held up through the test of time.


Buyer Demand


Even as we increase our new inventory levels (up 18.2% from last month and on par to last year) buyer demand is incredible. 


We are seeing many out of state purchasers coming into the Las Vegas market. 


It’s like our real estate in the Las Vegas area is dipped in chocolate with a gooey creamy center. 


Buyers cannot get enough!! 


But, as you know, we do have a pretty amazing city; complete with parks, activities, nightlife, and low cost of living. 


We sold nearly 1,000 more homes this month, than last month. 


We added 3,566 New Listings, but sold 3,726 Units. 


Naturally, when we sell more than we add, our Months of Inventory goes down. 


I’m sad to report that we did experience another decrease in inventory levels; down from 0.6 months to a staggeringly low 0.5 Months of Inventory. 


That’s only two weeks of inventory!!! 2 WEEKS!


I don’t want this to be a deterrent to my buyers out there. 


We are in a very tough market, but with the right agent, one who is experienced in contract terms, and one who is willing to work in your best interests, you will get the home of your dreams. (i.e: ME)


And to my sellers out there. 


Just because we are experiencing massive levels of demand, that does not mean that you can overprice your home. 


Buyer demand will determine your home’s final sales price, and if it sells over list price. 


An overpriced home, even in this market, will sit. 


This last month we had 16% of homes that have been on the market over 60 days. 


Those homes are believed to be overpriced.


Real Estate Market Highlights

Single-Family Home Stats

March

2021 vs 2020

Analysis

YoY = Year over Year

Median Sold Price

$363,000

UP

35.1% YoY


Another substantial increase from $355K last month! $8,000 increase in one month’s time. Wow!

Number of New Listings

3,566

DOWN

1.1% YoY

We added 18.2% more homes to market than last month, and only 1.1% fewer than this time last year. Demand has been so great that buyers are gobbling up those listings faster than ever.

Number of Single-Family Homes Sold

3,726

UP

35.1% YoY

We are selling 35% more homes now than this time last year. And, nearly 1,000 more homes sold this month from last month.

Months on Hand / Months of Inventory

0.5 Months

DOWN

 76.9% YoY

Down from 0.6 months to 0.5 months on hand … that’s only 2 weeks! New listings are still having trouble keeping up with buyer demand. 

Time on Market for Units Sold

0-30 days = 74.0%

31-60 days = 10.0%

61-121+ = 16.0%

84% of homes listed are selling within the first 60 days. Homes sitting longer than 60 days are presumably over-priced.

*The month depicted in the statistics is March 2021. April 2021 stats will be available at the beginning of May 2021. 








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