On this blog post you will find information about the Las Vegas Real Estate Market Stats for October 2020. The numbers in our inventory of availalbe homes continues to fall to new lower levels. This is not a good thing if you are in the market to buy a new home.
With the lack of quality inventory and the increased demands we are seeing from buyers coming into the county, supply is not keeping up with demand. Currently, The Las Vegas Valley is seeing a 1.4 month of supply for homes. Low interest rates along with demand from California buyers is putting a huge strain on the housing market in Clark County.
Las Vegas Real Estate Market Stats for October 2020
Single Family homes are now seeing the average sales price up to it’s highest in almost a decade at $340,200.00. This figure represents a 10.8% increase in pricing from September 2020. The average new listing coming onto the housing market is listed at $350,000.00. This figure is up 7.7% from September.
Demand is also higher now for new home construction as well. Builders are now building homes in new communities without having a buyer for them. Redpoint Summerlin for example has several communities that have not yet opened up to public sales yet home building is clearly visable from these communities. Home builders are aware of the limited supply of homes on the resale market and will take full advantage of this decline in inventory.
If you are in the market to buy a new home keep in mind it may take several months now to find your perfect home. It’s a strong sellers market so do not expect great deals, closing costs or other perks you would get in a buyers market. Still, with this in mind, I love to negociate for my clients! I am not saying that there is not a great deal out there, but have realistic expectations of this housing market.
Make sure you have a plan and can act on it as a buyer. This means having your proof of funds letter sent off to your Realtor if you are a cash buyer. If you are financing, make sure you are pre-approved. Better yet, get full under writting approval from your lender. This makes you look like a strong buyer.
Target a Certain Location to Find a Home
If you want better results and are on a certain time frame, ask your Realtor to target certain areas for you that you are interested in. This includes automatic MLS email searches that notify both of you ASAP for new results. Do not wait several days to act on a new listing. You and several thousand other people will be looking for a home too. Stand out in the crowd. Have all of your ideas ready to go as to what you want in your new home. Talk to your Realtor and let that person know what you are looking for.
If you are new to Las Vegas, be sure to check out my communities page to help you find that perfect area in Las Vegas or Henderson for you to live! https://lvrealty4sale.com/communitiy-pages-in-las-vegas-and-summerlin/
If you have any real estate questions, please contact me anytime at: 702-768-2552 direct.