June 2021 | Las Vegas Real Estate Market Update

Dated: June 10 2021

Views: 92

June 2021 

Las Vegas Area Market Update

Ah, Summer has begun. And that means vacations are on the short horizon as well.

I do really hope you and your loved ones are able to make a memorable vacation, or even stay-cation!

Afterall, we may be in the best city ever for a spectacular stay-cation.

You can experience best-in-class hospitality, dining, attractions and shows, without ever leaving the city.

Regarding our real estate market, let's see if we can take a vacation, however brief, from our crazy market conditions as of late.

Let's swan dive into what's going on this month in our Las Vegas Area real estate market.

Palace of Gold

Our First Stop on our Summer Vacation trip is New Vrindaban, where you can find the Palace of Gold. (www.newvrindaban.com/palace-of-gold)

The Palace of Gold is reminiscent of what we are experiencing in today's real estate market. Where the Luxury Market continues to be strong, with 154 closings ... _________________

It is this surge in the Luxury Market that is pushing our Median Sold Prices higher, due to the an elevated number of closings with higher price points.

What this means is that just because we are hearing that our Median Sold Price continues to increase, it does not accuracly reflect ALL Las Vegas Area homes.

In fact, some individual communities and subdivisions are not necessarily following this trend. Many  communities closed at lower prices points than months past.

We hear a lot of news coverage about our price points increasing rapidly. While they are increasing overall, it could be a different situation in your neighborhood. We recommend reaching out to a HYPERLOCAL real estate agent who is familiar with and does a lot of work in your particular area or community. What do I mean by Hyperlocal? It’s time to really think hyperlocal and not just follow the market’s macro numbers.

Meanwhile, cash was once again king in sales below $400,000 as FHA buyers struggled to closes homes in this range.

Median Sold Price

The median sales price of SFR closings jumped to $385,000 for another 5.7% increase. The SFR average closed sales price of $484,498 represents a 2.0% increase in the average sales price and again is a testimony to the strength of the high end of this market.

The 2021 residential resale market momentum waned in the last week of May, but with the year-to-date results in – we are sitting at 46.3% ahead of 2020 closings.

Inventory improved just slightly – in part because current supply does not provide consumers with a broader inventory of homes to choose from.

It seems that new listings are in escrow within days, if not hours from the time of the listing.

Yet, the “aged” listings continue to linger until the seller is more motivated or a buyer has become more desperate.

Real Estate Market Highlights

Single-Family Home StatsMay2021 vs 2020AnalysisYoY = Year over Year

Median Sold Price

$385,000

↑ 29.5% YoY

Our Median Sold Price has increased every month this year. At $385,000, we are up 2.0% from last month and up over 10% since the beginning of the year!

Number of New Listings

3,731

↑ 15.5% YoY

We’ve added only 32 more listings this month than last month. Shockingly, we are up from last year, but Sellers, I think we can do better.

Number of Single-Family Homes Sold

3,189

↑ 87.3% YoY

Down about 10% from last month, we’re still selling over 87% more homes this year than last year. Hello, Demand!

Months on Hand / Months of Inventory

0.6 Months

↓ 81.3% YoY

Last month we were steady at 0.5 months on hand. This month we actually had our 1st increase in inventory in a VERY LONG time.

Days on Market for Units Sold

0-30 days = 86.9%

31-60 days = 6.4%

61-121+ = 6.7%

Only 6.7% 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 May 2021. June 2021 stats will be available at the beginning of July 2021.

Blog author image

Shauna R Gut

Shauna R Gut is a native to Las Vegas who has seen the valley grow over the years. She helps families who have outgrown their home, physically, financially or otherwise, purchase a home that better f....

Latest Blog Posts

November 2021 Las Vegas Area Real Estate Market Update

November 2021 Las Vegas AreaReal Estate Market UpdateHELLO, NEIGHBOR!Here we are ... less than two months away from 2022. Most of us are still recovering from 2020; and are having a difficult time

Read More

October 2021 Las Vegas Real Estate Market Update

October 2021 Las Vegas Real Estate Market UpdateAre Prices Beginning to Soften?New Listings are Down, Units Sold is Steady, but Inventory Levels are UP? Why?What's Happening with Foreclosures?Many

Read More

September 2021 | Your Area Stats

September 2021 Las Vegas Real Estate Market UpdateMedian Sold Price Holds SteadyOur Median Sold Price actually stayed even with last month, at $405K. This is the 1st time all year that we didn't see

Read More