November Sets Yet Another Las Vegas Real Estate Record Despite Ongoing Pandemic
LAS VEGAS, NV – Despite the ongoing COVID-19 pandemic, Las Vegas continues to turn the real estate industry on its ear as it has set yet another record – for the sixth month in a row – for the median prices of existing homes in the Southern Nevada region, reports say.
In November, the median price of a single-family home in Las Vegas was $345,000, as per the Las Vegas Realtors trade organization. This represents the sixth month in a row where – despite the financial hurdles being presented by the pandemic on the local economy as a whole – home prices have continued to escalate, defying and confusing industry experts, according to a statement issued by Realtor association’s president Tom Blanchard.
“Like other places around the country, we’re seeing multiple offers on properties listed for sale,” he said. “The supply of available homes is very low, and demand is high. I hope the new year will bring some additional inventory as local homeowners start to feel more comfortable moving.”
At the end of November, approximately 8,400 homes were listed for sale on the Las Vegas real estate MLS, representing a decrease in inventory of 19 percent from the same period one year before and an 11 percent drop from October 2020.
As reported previously, the increasing prices on the market are likely in-part fueled by record-low interest rates on home loans brought about by the pandemic, as well as lower-than-average inventory being available.
Experts are also speculating that COVID-19 mortgage forbearance opportunities have played a part, where homeowners who had experienced financial hardship related to the pandemic where able to – for a limited time – avoid foreclosure without having to make home payments. Many of these homeowners would then have no choice but to turn around and sell their homes, albeit while taking advantage of the high prices offered by current market conditions.
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