Realty One Group - Shannon Smith Group

702.809.0203

Sprite Icon

January Update

HAPPPY NEW YEAR!!!

I hope you and your family are doing well and you stay on track for all of your New Year goals.
2021 in Las Vegas Real Estate was one for the records books, Literally! Was it smooth sailing, or a perfect storm? I’d say neither, because there is no perfect way to describe the red-hot housing market we’ve seen in Las Vegas all year. It was spurred by a combination of low mortgage rates, remote work allowing buyers to work from home, and a demographic wave of first-time millennial home buyers entering into the market. Of course, years of under-building means there simply aren’t enough homes available to meet this demand. As a result, record price growth.

Check out the charts below. In 2021:

  • Single family homes appreciated 19.77%
  • Condos and town-homes 23.96%
  • Multi-family 2-4 units 27.6%.

But how much longer will this run last?  With inventory at record lows and demand still high, don’t anticipate prices to come down.  We may not see record appreciation like in 2021, but I’ve seen forecast between 7% – 14%.

Keep in mind, real estate is probably the best hedge against inflation because property values over time tend to stay on a steady upward curve. Real estate investments can also provide potential recurring income for investors and can keep pace or exceed inflation in terms of appreciation.  This is why muli-family property has appreciated the most.

Las Vegas Market Snap Shot
TOTAL PROPERTIES AVAILABLE
Single family: 2,146
Condo/ Town homes: 377
High Rise Units:  253
Multi-Family, 2-4 Units:  30
Manufactured Homes: 55
TOTAL PROPERTIES IN ESCROW
Single family: 3,051
Condo/ Town homes: 821
High Rise Units:  132
Multi-Family: 2-4 
Units:  54
Manufactured Homes: 38
PROPERTIES SOLD IN DECEMBER
Single family: 3,014                2020: 3,314
Condo/ Town homes: 803       2020: 796
High Rise Units:  105              2020: 77
Multi-Family, 2-4 
Units:  29   2020: 30
Manufactured Homes: 35       2020: 85
MEDIAN SALES PRICE FOR DECEMBER
Single family: $430,000                    2020: $345,000
Condo/ Town homes: $245,000        2020: $186,300
High Rise Units: $379,900                2020: $354,000
Multi-Family, 2-4 
Units:  $480,000  2020: $347,500
Manufactured Homes: $190,000      2020: $172,617
AVERAGE SOLD DOLLAR PER SQFT FOR DECEMBER
Single family: $232 per sqft                     2020: $183
Condo/  Town homes: $212 per sqft        2020: $162
High Rise Units:  $380 per sqft                2020: $332
Multi-Family, 2-4 
Units:  $150 per sqft   2020: $108
Manufactured Homes: $146 per sqft       2020: $121