While the world effectively shut down due to the COVID-19 pandemic, real estate sales in Las Vegas and Henderson, NV, have started climbing back towards health.
New Listings and Inventory Down
New Listings are down 10% overall from May to June 2020, dropping from 2,715 to 2,432. Likewise, Total Inventory throughout the valley is down 12% overall, with a June total of 7,392 homes. Single Family Residences took the biggest hit with a 14% drop over May.
However, this is higher than January or February, when available stock was between only 6,100-6,900. In fact, February inventory levels of 6,167 were the lowest in 18 months, since July, 2018 when just over 6,000 homes were available.
Homes Under Contract are Up Substantially
In contrast, the Under Contract total has soared over 30% from May to June, with Single Family Residences increasing almost 30%, Condos and Townhomes doing even better at 38%, and High-rises reaching for the sky at 57%.
Closed Transactions are Rising
Despite the drop in listings, Closed Transactions have risen. Those are up a total of almost 40% for June over May, with Single Family Residences increasing 41%, Condos and Townhomes up 27%, and High-rises climbing 38%.
The number of Resale Closings is down from the year’s high in March, sliding from 3,369 to 2,759, and also down from this time last year, when numbers were consistently in the 3,400-3,900 range. But it’s up over both April and May, when we saw a slide to 2,283 and a mere 1,991, respectively. So, the number of Resale Closings in June actually represents a surprising 38.57% increase over May.
Looking at year-over-year numbers, we’re down from last summer, when Inventory was at its highest levels over the past 2 ½ years – May and June, 2019, offered over 10,500 homes in inventory each month, and July was still high at 10,250. Closings in that time frame ranged from a high of 3,940 in May, 2019 to a low of 3,481 in June.
So, from a 2-year high of 3,940 in May 2019 to a 2 ½-year low of 1,991 in May 2020, we saw a year-over-year drop of almost 50% in Closings. But from 3,481 in June 2019 to 2,759 a year later, it’s only a 20% drop.
Sales Prices Have Soared
The best news of all is that prices are up considerably. Average Sales Prices in June were the highest they’ve been in 2 ½ years, reaching $382,601 — an increase of only 1.26% over May, but that represents a healthy $21,227 rise, or almost 6%, from the start of the year, and a 10% increase over this time last year.
All things told, Real Estate in the Las Vegas valley is looking as healthy as can be expected, and in many ways more than we could have hoped for!
If you or anyone you know is interested in buying real estate, please contact me for a consultation.