Las Vegas finishes 2021 with 2 more housing sales records

Southern Nevada ended a twelvemonth of record-setting location income with prices astatine different all-time high, capping a frenzied agelong that defied an system inactive severely bruised by the pandemic.

The median income terms of antecedently owned single-family homes — the bulk of the marketplace — was $425,000 successful December, up 1.2 percent, oregon $5,000, from the grounds acceptable successful November, and 23.2 percent from December 2020, according to a caller study from commercialized relation Las Vegas Realtors.

A full of 3,178 single-family homes traded hands past month, down 2.9 percent from November and 3.8 percent from December 2020.

But overall, a grounds 50,010 residential properties, including houses, condos and townhomes, were sold past year, up 21.5 percent from 2020.

Last year’s full topped the erstwhile all-time high, acceptable successful 2011, by astir 2,000 sales, according to the association, which reports information from its resale-heavy listing service.

“It’s remarkable, particularly considering this grounds was acceptable during a pandemic, erstwhile section location prices person ne'er been higher and the lodging proviso has seldom if ever been lower,” Brandon Roberts, the association’s president this year, said successful a quality release.

Despite precocious unemployment sparked by the coronavirus outbreak, Las Vegas’ lodging marketplace accelerated past twelvemonth with accelerated income and record-high prices, fueled mostly by rock-bottom owe rates that person fto buyers agelong their budgets.

The frenzy looked mostly the aforesaid arsenic successful different U.S. cities, marked by choky inventory, aggregate offers and sellers firmly successful power arsenic radical tried to bargain a spot amid debased borrowing costs.

On the resale side, buyers showered Las Vegas-area homes with offers and routinely paid implicit the asking price, and median income prices acceptable all-time highs practically each month.

Homebuilders successful Southern Nevada besides enactment buyers connected waiting lists, regularly raised prices and successful immoderate cases drew names to find who gets to acquisition a place.

Overall, Las Vegas’ system has improved dramatically since the aboriginal chaos of the pandemic, erstwhile a staggering 33 percent of the section workforce was unemployed successful outpouring 2020 aft casinos went into state-ordered lockdown and tourism, the region’s main fiscal engine, each but stopped.

The lodging market, however, heated up to grounds levels contempt persistently precocious unemployment.

Las Vegas’ jobless complaint successful November, 6.3 percent, was down from 9.8 percent successful January 2021 but inactive 2nd highest successful the federation among ample metro areas, conscionable down Los Angeles astatine 6.4 percent, national information shows.

Job losses sparked by the pandemic were heavy concentrated successful work sectors. White-collar — and apt higher-earning — workers often kept their jobs but started moving from home, and with owe rates astatine historical lows, galore radical tapped inexpensive wealth to bargain a caller place, helping substance America’s unexpected lodging boom.

According to section existent property pros, Southern Nevada has seen much out-of-state buyers than accustomed during the pandemic, particularly from pricier markets specified arsenic California, arsenic radical sought much abstraction amid wide work-from-home arrangements.

And portion Las Vegas’ marketplace is dominated by single-family houses, attached dwellings person drawn dense involvement too.

The median income terms of condos and townhomes past period was a grounds $242,000, up 0.8 percent, oregon $2,000, from the erstwhile precocious acceptable successful November, and 30.1 percent from a twelvemonth ago, Las Vegas Realtors reported.

Contact Eli Segall astatine esegall@reviewjournal.com oregon 702-383-0342. Follow @eli_segall connected Twitter.