An already tense real estate market in the Las Vegas area tightened even further in the past month, according to a report published today.
According to the Las Vegas Realtors trade association, the number of existing homes – excluding condos and townhouses – in the Las Vegas Valley fell 11% from November.
At the end of December, almost 7,500 existing properties were offered for sale, a decrease of 16% compared to the same month last year 2019.
The average price for an existing home last month hasn't changed from November's all-time high of $ 345,000, up more than 10% from December 2019.
At the end of last month, 3,240 homes were put up for sale without any offer. This is a 42% decrease from December 2019, according to the report.
Around 3,300 homes were sold in December, an increase of 27% from December 2019.
"December is usually a slow month, but not this year," said Aldo Martinez, president of Las Vegas Realtors and long-time agent in the area. "I think we surprised a lot of people how the local real estate market not only held up, but set records for our local economy in an otherwise difficult year."
While the average price for an existing home didn't break a new record in December – as it had in the past six months – it continued to show a lack of any property crash seen here during the Great Recession.
In 2012, the Las Vegas real estate market bottomed out when the average price for an existing home fell to $ 118,000.
"I don't see much change in early 2021," said Martinez. "Housing demand remains high. Our housing supply and mortgage rates are still very low. As long as these trends continue, it's a good bet that local property prices will continue to rise."
Local condos and townhouses sold at an average price of $ 186,000 last month, down 7% from November and up about 5% from December 2019.
Typically, the industry views a six month supply of homes for sale as the point at which a market is balanced. Martinez said Las Vegas has only had homes in the market for one month now.
The LVR group was founded in 1947 and was previously known as the Greater Las Vegas Association of Realtors. It comprises around 15,000 area representatives.