Episode #23 French Workbench- How To Land A Home In A Seller's Market

The median sale price for a home in Las Vegas rocketed to $382,000 in March, another new all-time record, according to the Las Vegas Realtors trade group. The figure represented a 14% jump from March 2020 and a month-over-month increase of 2% from February’s median price of $382,000. “At the rate we’re going, we could see even greater gains in home prices and sales next month, since the housing market stalled briefly before roaring back. The median price for a condo or townhome in Las Vegas was $194,000 at the end of last month, up 5% from March 2020. The tight housing supply in the area continues to present a challenge for potential buyers and a “rare opportunity for sellers.” The Las Vegas market had less than a one-month supply of preowned homes at the end of March, virtually unchanged from February. A six-month supply is generally considered by industry experts to be a balanced market. “The pandemic has contributed to the supply shortage due in part to homeowners being out of work and therefore unable to upgrade even if they wanted to unless they could pay cash,” “In addition, reports for the National Association of Realtors show homeowners are staying longer in their homes.” Research from the National Association of Realtors has shown that homeowners are staying in their residences two to four years longer than in the recent past, which, he said, could be partly attributed to lower-than-normal interest rates. We expect sales to grow 7 percent and prices to rise another 5.7 percent on top of 2020’s already high levels. While we expect mortgage rates to tick up gradually, sales and price growth will be propelled by still strong demand, a recovering economy, and still low mortgage rates. High buyer demand and still-lagging supply will keep prices growing, but at a slower pace than 2020 as buyers contend with mortgage rate and price increases that create affordability challenges. https://youtu.be/1aO5_Ft6Gyw : Here Are The Newest And Best Locations To Buy A Home In Overpriced Las Vegas. https://youtu.be/