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Las Vegas Association of Realtors (LVR) reported 41,617 properties sold in Southern Nevada in 2020, up slightly from 41,269 sold in 2019, and down from 42,876 in 2018, and 45,388 in 2017. It was in 2017 that the Southern Nevada Home Builders Association said that they needed to ramp up building permits in order to meet the future demand, and yet here we sit with a short supply. The good news is that the home owners have a ton of equity. Even those that bought at the last peak have come out of the red.

In January, LVR reported 21.3% of sales were purchased with cash. Wich is down from 24.3% in 2020.

Short sales and foreclosures combined make up Only 1.2% of all existing sales in January 2021. Compared to 2.7% in 2019, 2.8% in 2018, 4.3% in 2017, and 11% in 2016. You can see that the likely hood of a foreclosure problem in Southern Nevada is dwindling.

Prices should continue their upwards trajectory in 2021. Builders will likely build around 11,000 homes. This will help inventory, but not by much considering they built 35,000 homes in 2004.  The time to sell a home in Las Vegas is now. Home prices are up and interest rates are down.O

Only 19 million people visited Las Vegas in 2020, down 55% from the banner year of 2019. Air traffic is down 56.6% statewide. Worldwide air travel dropped about 60%. Gaming Revenue is down only 20.5%. Building permits are up 115.1% year over year in Clark County as of November 2020. We need more homes in order to keep up with demand and limit extreme inflation of home prices, which will eventually result in a bubble. 

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LIFE Realty District
@ Green Valley Ranch

2225 Village Walk Dr.  Suite 260

Henderson, NV 89052

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Mario Escobedo

Mario Escobedo- Motto Mortgage