May 07, 2021 at 12:46pm | Shauna Gut

May 2021 Las Vegas Real Estate Market Update


As we head into May, let's please take a moment to celebrate Mom and remember our Veterans. 

Both hold a special place in my heart and life.


As we look at trends within our real estate market, we are seeing the momentum from 2020 cascading into 2021. 

In fact, we are looking at the best start to a year since 2012!


  • Median Sold Price continues to Increase

  • Inventory remains low

  • Buyer Demand is out-pacing New Listings



Regarding our real estate market, let’s discover what’s going on this month in our Las Vegas Area market.


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


We began the year with a Median Sold Price of $345K. In just four months, the Median Sold Price has increased $30,000!


This is the effect of low inventory.


 


Real Estate Market Highlights


Single-Family Home Stats

April 

2021 vs 2020

Analysis

YoY = Year over Year

Median Sold Price

$375,000

↑ 21.0% YoY


Our Median Sold Price has consistently increased every month this year! At $375,000, we are up 3.3% from last month!

Number of New Listings

3,699

↓ 47.0% YoY

We added 3.7% more homes for sale than last month, but it is STILL not enough!

Number of Single-Family Homes Sold

3,528

↑ 79.0% YoY

Last year's stat is sort of an anomaly, because April 2020 was anything but normal. We are seeing the number of homes sold decline slightly (3.3%) from from last month.

Months on Hand / Months of Inventory

0.5 Months

↓ 83.1% YoY

Finally not decreasing, we are holding steady at 0.5 months, but down 83.1% from this time last year. 

Days on Market for Units Sold

0-30 days = 81.5%

31-60 days = 7.7%

61-121+ = 10.7%

Only 10% of homes do not sell within the first 60 days on market. Buyer demand is strong if you are priced correctly.

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


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