December 2021 Newsletter - Happy Holidays

Welcome back to my video blog. Today, we’re going to give you Las Vegas, the month of November real estate update. What’s going on in this market? Everybody’s asking how’s this market performing and where is it going more importantly? In November of this year, Las Vegas real estate inventory, we had 3,844 properties for sale. That includes townhouses and condominiums and single family homes. Now comparing to last year in November 2020, we had 7,361 properties. That is almost 50% decrease in inventory.

The reason why, last year we had just come out of the pandemic and we had a lot more properties available for sale. This year, we’ve had very strong buyer demand and less inventory. Therefore, our inventory this year was much less than last year. Also besides having lower inventory, our number of sales, the number of transactions has gone up as well, this year, over last year. November 2021, we had 3,993 sales that closed in the month of November of this year, where last year we had 3,567 properties that sold.

It was 11.9%, exactly increased from last year. More buyers, less inventory that pretty much drove the market higher. Because of the lower inventory and the high demand. Houses and properties we’re selling a lot quicker. The average property sold in 22 days this year in November compared to last year, it was 35 days, the average. It is a very, very strong seller’s market being only 22 days on the market. Now on average, it’s about 90 and 120 days that would be normal, neutral market. Being that we have only 22 days for a property to sell. That’s a very fast, hot market. It’s a very strong seller’s market. What does that mean? Having only 22 days for a property to sell it’s driving buyers to overbid in multiple offers. Therefore it’s driving prices up. This year, the average property sold for $445,381 in November compared to last year, November of 2020, the average sale was $376,562. That is about 18.3% appreciation for the average property costs. If you had purchased a year ago, you were doing well. As a consumer, what does all this information mean to you and what should you do? If you’re looking to buy, I would still consider to be very aggressive and go shopping and find a house.

The reason why you paying your own mortgage, it’s much better than paying someone else’s mortgage and renting a property. And also if you do purchase today, we believe this trend is going to continue because the interest rates are low. We have less sellers than buyers. So a year from now, you’re still going to do well as the market and the prices continue to appreciate. If you’re looking to sell, obviously it’s a great time to take advantage of the slow inventory. Give us a call. We’re happy to help for a free consultation. Looking to sell a Las Vegas home? Get a FREE home value report here:

http://www.vegascapital.com/HomeValue… Looking to buy a Las Vegas home? Search all homes here: http://www.vegascapital.idxre.com/hom… Mike Misak Chobanian | Vegas Capital Realty 8860 S Maryland Pkwy, Suite 118 Las Vegas, NV 89123 702-530-5844 |Sales@vegascapital.com www.VegasCapital.com #LasVegas​ #LasVegasMarket​ #realestate​