October 2021 Las Vegas Real Estate Market Update

Dated: October 8 2021

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October 2021 Las Vegas Real Estate Market Update

Are Prices Beginning to Soften?

New Listings are Down, Units Sold is Steady, but Inventory Levels are UP? Why?

What's Happening with Foreclosures?

Many who are considering the real estate market as a means of growing their net worth, whether it be via rental income or a personal investment in housing, have considered purchasing a foreclosure to maximize the upside of the potential investment. And my clients ask me on the regular about purchasing a foreclosure home. 

I would love for my buyers to be able to purchase a foreclosure, but the reality is that there are so few available, and it seems to be dwindling each year. Let's look at the numbers.

The chart below show all the SFR foreclosures listed in the MLS since 2018. There's a pretty clear trendline down. 

In the entire year of 2018, there were an average of 150 SFR Foreclosures in any given month. In 2021 so far we've had an average of 40 homes per month.

"But what about all the people who were without work during COVID, utilizing the Mortgage Forebearance programs?"

Sadly, there were many in Las Vegas who were negatively effected during COVID, be it through lost wages, or worse, lost jobs. But ... if those people happened to be homeowners, there was a very strong real estate market building where they are able to capitalize.  

There were many who were forced to sell. However, unlike the last downturn where home prices plummeted, today's home prices have soared. The average price appreciation seen in Las Vegas neighborhoods from March 2020 to today is approximately $85,000. 

Median Sales Price in March 2020 was $310,000. Today it's $406,500. That's nearly 24% increase in 18 months.

Average Sales Price in March 2020 was $361,440. Today it's $485,400. That's over 25% increase in 18 months.

Now, the Luxury market did skew those numbers. Neighborhoods at a lower price point than $1Million, saw an average of approximately $85,000 increase from March 2020 to Today's stats. W.O.W!!

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