Real estate agents in Las Vegas this week reported that 2021 was a record year for current home sales in southern Nevada, with more than 50,000 properties changing hands despite rapidly rising prices and poor housing supply.
LVR reported that the average price of existing single-family homes sold in Las Vegas southern Nevada in December was $ 425,000. The average home price is up 23.2% from $ 345,000 a year ago. That surpasses the record of November 2021.
The average price of condos and homes in Las Vegas sold in December was $ 242,000. This also broke the previous month’s full-time record, increasing by 30.1% from USD 186,000 in December 2020.
LVR President Brandon Roberts said the sales record was impressive given the unprecedented market conditions.
“This is remarkable, especially since this record was set during a pandemic when local house prices were never higher and housing supply was rarely, if ever, lower,” he said.
According to LVR, the total number of local homes, condos, townhouses, and other existing residential properties sold in Las Vegas southern Nevada in 2021 was 50,010. This marked the first time the association reported more than 50,000 properties changed hands in a year, breaking the previous record in 2011 with nearly 2,000 sales. For comparison: LVR recorded a total of 41,155 total sales in 2020.
The year ended with a decline in local housing supply, with apartments being sold even faster than in previous years. The current sales pace is less than a month’s supply of properties for sale, Roberts said.
At the end of December, the LVR reported 2,251 single-family houses for sale without offers. That is 30.5% less than in the same period last year. The 387 condominiums were listed without an offer in December and are 66.4% fewer than in the previous year.
LVR reported that 4,005 local homes, condos, and townhouses were sold in December in Las Vegas. Compared to last year, home sales were down 3.8% in December, but condominiums and townhouses were down 4.4%. Roberts expects sales to remain strong in 2022 and agrees with national experts predicting an “unusually warm winter,” but likely a more stable year for the housing market.
Luxury homes continue to outperform the general market, with 2021 easily breaking the record for local home sales above $ 1 million and more than doubling the number of those homes sold in 2020.
It’s been almost a decade since the recession hit the local housing market. Roberts found that the average price of single-family homes rose more than $ 300,000 from a low of $ 118,000 in January 2012.
In December, LVR reported that 27.9% of all local property sales were for cash. This is an increase from 20.2% a year ago. While that percentage has increased over the last year, it remains below the high of 59.5% for cash buyers in March 2013.
With the help of government-imposed restrictions on foreclosures and foreclosures during the ongoing pandemic, the number of so-called troubled sales remains at historically low levels. Short sales and pre-hedges combined made up only 0.4% of all local home sales in December, according to LVR. This compared to 0.9% of all sales a year ago, 1.8% of all sales two years ago, 2.9% three years ago, and 3.6% four years ago.
These LVR statistics cover activity through December 2021. LVR publishes statistics each month based on data collected through its MLS, excluding any new homes sold by local builders or homes for sale by owners in Las Vegas.