Clark County Home Sales
Our clients are always asking “How’s the market doing?” – meaning real estate, of course. This is good for us because it forces us to check and see what’s really going on every month. Especially with COVID-19 restrictions, it’s good to see how they are impacting the real estate market. The short answer this month: “They’re Not”.
Good News and Bad News.
First, the Bad News: As the red line shows, below, the number of Active Residential Listings is at a three-year low. So, if you are in the market to buy a home, there is a scarcity of selection. The current inventory – the time it would take to sell all homes actively listed – is at .08 months. Five to seven months is “balanced”, so this clearly points to a Seller’s market.
Now, the Good News: If you are a homeowner, thinking about selling your home, now is the time to act. With such a low inventory, you expect a very quick sale, provided you price it correctly and have a realtor market it. This summer we sold a home for $30,000 over asking with no contingencies. No financing, appraisal, or inspections. Unheard of in a normal market.
Clark County Home Sales
Now, Better News: As the red arrow, below, indicates, New Listings are on the rise this month. If this trend continues, maybe we will be closer to a balanced inventory by this spring.
Meanwhile, the reality of a Seller’s market is that Average Sale Price keeps rising. As the chart shows below, the jump from April to October this year was the highest in eight years. The low inventory, combined with record low interest rates, make this Seller’s market extremely competitive.
Sellers: If you are thinking at all about selling, now is a great time! There are still restrictions on showings – e.g., no open houses. But showings do continue under controlled environments, and houses keep getting seen and sold. Call us for a free consultation on your home’s value.
Buyers: Be super-prepared when you start looking. Have your financing and down payment in order, and be prepared to make an offer as soon as you see what you like. Waiting will likely mean the house will be gone. You might also find yourself in a bidding war. In that case, know your absolute limits, and don’t fall into the emotional trap of overpaying just to win. An inflated price will hurt you in the long run when it comes time to sell. You can start your home search here.