LAS VEGAS, NV – The house selling boom that’s taken the nation – and particularly Las Vegas – in its iron grip since the COVID-19 pandemic has begun easing off has finally begun to show some early signs of stabilizing and cooling down, despite the fact that many new homes introduced to the market are still being snatched up at an incredibly quick pace, reports say.
In Southern Nevada, sales of homes have started to drop ever so slightly over the course of the past few months and the number of available homes on the market has started to build; however, this doesn’t mean that the Las Vegas real estate scene has hit a plateau at all, since the houses that are being sold are still being gobbled up lightning fast.
Reports indicate that approximately 87 percent of previously owned single-family homes that were sold in the month of May had only been listed on the open market for 30 days or less; this represents a significant increase from the sales figures from January, when that number was at 64 percent.
Las Vegas’ real estate market has continued to grow over the past few months, as shown by fast sales and quickly escalating prices, spurred on by low mortgage rates that allow buyers to get more for their money. Regardless, the competition has been fierce, to the point that simply offering the initial asking price on a home is no longer a viable option; typically, the successful buys as of late have paid more.
However, experts are having trouble predicting where Las Vegas’ housing market will ultimately end up as the pandemic slowly comes to an end and the city’s tourism industry finally begins to heat up once again.
Despite the market showing signs of becoming more stable after skyrocketing for months, it nonetheless is still breaking records; the median sale price of a single-family home in May broke the all-time record at $385,000, and the overall inventory of available houses – despite increasing recently – is still low, with the end of May seeing only 2,031 homes for sale without offers.
So while there are a slightly smaller amount of people buying homes at the moment, those that are doing so are still grabbing them at a frantic rate.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.