Clark County Home Sales.

2021 brought a wild Sellers market to Clark County home sales.  Buyers are driving up the demand for homes. Inventory is at historical lows, and bidding wars have been crazy.  Many were waiving contingencies and even offering to match any shortfalls in appraisals.  As a result, homes were selling for way over asking price. Inventory shortage hasn’t eased yet, but there is some light at the end of this tunnel.  Inventory rose last month for the first time since January – not much, but hopefully a sign of a coming trend.

Bad News, Good News and Better News:

First, the Bad News: As the green graph shows on the chart below, Active Residential Listings over the past year have been declining.  The red line shows them dropping a bit more before ticking up in April. Still, if you are in the market to buy a home, there is a scarcity of selection.  The inventory – the time it takes to sell all homes listed – dropped from .8 months in January to .5 in March but ticked up to .6 in April .  Five to seven months is “balanced”, so this indicates it is still a Seller’s market.

The good news – if there is any:  the red line below shows New Listings on the market are back up to 2019 levels after a precipitous drop last year.

We hope to see more homes coming on the market soon and that will help take the pressure off prices.

Now, the Better News (for Sellers):  If you are a homeowner, thinking about selling your home, now is the time to act.  With such a low inventory, you can expect a very quick sale, provided you price it correctly and have a realtor market it.  Last summer we sold a home for $30,000 over asking with no contingencies. No financing, appraisal, or inspections. Unheard of in a normal market. And that was just the beginning of the buying frenzy.

Clark County Home Sales – Prices Keep Going Up.

Meanwhile, the reality of a Seller’s market is that the Average Sale Price keeps rising. As the chart shows below, prices have risen regularly since January 2012.  And with low inventory and extremely low interest rates, prices will likely continue to rise for the near future.

Tips For Surviving a Seller’s Market

Sellers:

If you are thinking about selling, now is a great time!  Some COVID restrictions have been eased – e.g. open houses are allowed again with certain restrictions.  All showings continue under controlled environments, but houses keep getting shown and sold.  Call us for the latest COVID guidelines and 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.

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