OCTOBER 2020 - LAS VEGAS HOUSING MARKET NUMBERS
The weather maybe be changing and cooling off, but The Las Vegas real estate market is still running hot. The median sales price of single-family homes in Las Vegas went up by 10.8% year-over-year and nearly 1% month-over-month 0.9%.
- For the month of October 2020, the Las Vegas Real Estate Market Data shows 3,225 single-family houses sold. Down -1.4% from September of 2020 and up 11.2% from October of 2019.
- The median sales price of previously owned single-family homes increased from $337,250 to $340,200. Up .9% from last month and up 10.8% from 2019.
- In October of 2020 3,592 new listings hit the market, down 6.7% from September, but up 1.4% from 2019.
- A total number of 4,501 single-family houses listed without offers at the end of October 2020. Down 6.2% from September, and down 37.6% from 2019.
- Inventory supply is at 1.4 months. The housing supply in Southern Nevada is down -4.9% from September and down 43.9% from 2019.
- 70.3% of the closings for the month of September were on the market 30 days or less.
- In September of 2020 this number was at 69%. In October of 2019, only 52.6% of the homes were on the market 30 days or less.
MOTIVATING FACTORS
There are a several factors behind our market momentum, which are pushing our trends higher. First, according to thestreet.com the high tax state movers who pay fortunes and are hoping to save more of their earnings; Second, the pandemic has allowed more people to work jobs remotely so the ability to relocate is at a all time high for many as shown here by mymove.com; Third, historically low interest rates for homeownership has gotten the attention of buyers, you can check daily interest rates here. Lastly, Sellers are holding on to their homes and not as many sellers are motivated to list their home at this time. This high demand for housing in Las Vegas exceeds the supply of available for homes for sale. Market supply and demand shift and fluctuate due to various factors. Right now supply and demand is out of balance and pushing our Las Vegas home values higher.
Whether you’re looking to buy or sell, timing your local market is an important part of real estate investing. The Las Vegas housing market is one of the hottest markets in the U.S. at this point in time.
LOOKING TO SELL?
For sellers, what a great time to sell! Inventory is low and motivated buyers are looking for houses for sale. Sellers don't have competition with as many property owners. Some would be sellers have decided to wait out the pandemic, but more and more buyers enter the market. This only further pushes the pricing point higher due to tight supply. Check your home's value here! or CONTACT ME HERE FOR MORE INFORMATION!
LOOKING TO BUY?
For buyers, the inventory is slowly increasing and mortgage rates are at historic all-time lows, record-breaking never seen before lows. Buyers are out in force taking full advantage of their higher than usual purchasing power. It is a win-win scenario for both sellers and buyers. CONTACT ME HERE to get started!