New Home Construction in Las Vegas Sets a New Record for average sales price in November. That price was at $415,000.00 according to a report in the Las Vegas Review Journal. Home Builders Research based in Las Vegas came up with those figures for the RJ’s article. That article can be found here: https://www.reviewjournal.com/business/housing/prices-for-new-las-vegas-homes-set-another-record-2199866/
Resale Market Stats and Data:
7,120 homes were for sale as inventory homes on the MLS. This number is still considered very low for a normal buyers market which would see at least 11,000+ homes for sale on the MLS. 3,917 sales were completed on the MLS for November compared to 4,114 sales in October. Usually we see a slip in sales and activity due to the holidays and the end of the year also sees less people selling and buying homes.
3,788 homes hit the market in November as new listings. 4,966 new homes hit the market in October which continues to show a massive decrease in inventory for resale homes in Las Vegas. The market continues to see a huge decrease in supply which means for 2.5 million people in Clark County, there remains a 45 day or less supply of homes. This also does not include demand from buyers from other states such as California and states back east as well.
Covid And The Real Estate Market:
The on going Covid situation continues to affect Las Vegas as a whole. Layoffs continue and restaurants struggle to keep open at 25% capacity. Real Estate in Las Vegas remains a hot bed for buyers as well as sellers too. The limited supply cannot keep up with the massive demand from buyers. If this demand continues into 2021, you will see a rise in the average sales price as well as a shrinking inventory.
A lot of my clients keep waiting for either the inventory to pick up or pricing to come down. At this time, there are no indications that either will happen. If you think about things this way: 1) If foreclosures rise which might happen in a year or so then we could see more inventory hit the market. 2) If demand continues, pricing will continue to rise. It will not come down unless we get to a pricing point that people refuse to pay. At that point, we would see a slight pricing correction. It’s hard to say what the pricing correction would be. None of the factors from the 2008 crash are currently present in our real estate market place. 3) Interest rates will continue to be absurdly low at least until 2023 according to the FED. When money is cheap to lend, people that are renting may think twice about staying in a rental when they can be saving money by buying a home and reap the tax benefits.
Are You Looking to Buy Now?
If you are looking to buy a home, it may be a challenge for you. On the other hand, it might be pretty simple. Either way, you need a Realtor that will fight for you, be proactive and has knowledge of the market and the conditions you will face. With over 16 years of experience, I can help you find your perfect new home. Call me today for a free phone consultation. 702-768-2552. Be sure to check out my communities page https://lvrealty4sale.com/communitiy-pages-in-las-vegas-and-summerlin/ for more information about Las Vegas, Summerlin and Henderson real estate.