Take this picture and multiply: in Green Valley Ranch, a tidy single-story home had a for sale sign out front this past weekend for just a matter of a few days. It’s already under contract.
A timetable like that is not unusual in our red hot housing market of 2021. For more proof, I met Realtor Falisha Rexford in the far northwest valley, where she’s about to list a beautiful, five-bedroom, 2,835 square foot home this weekend. Asking price: $469,900.
“Friday and Saturday showings. I’ll be reviewing all the offers on Sunday. Presenting Sunday night. In escrow by Monday. Guaranteed,” she told me, laying out the expected calendar of events.
The latest look from Las Vegas Realtors, which tracks existing home sales, shows a market that continues to sizzle. The new median price is another record: $363,000, up 13.8% from the same month last year.
The eye-popping number continues to be inventory: there are only 1,772 existing homes for sale right now without offers. Nobody in the real estate biz here remembers a smaller number in the past couple of decades.
I asked LVR President and Realtor Aldo Martinez how he would characterize the market.
“Wow,” he chuckled.
The organization says 74% of homes sold within 30 days or less.
Martinez says good luck finding something nice on the market lasting a month.
“You’re gonna have that property sold within three to four days right now,” says Martinez.
It’s about the timetable Falisha Rexford has been seeing.
“So on Friday, I sent two listings active; one of them received 25 offers. That seller will be netting about 25,000 more than we were kind of expecting or prepared for,” says Rexford.
The reason for our sellers-market-on-steroids are several, not the least of which is many homebuyers are staying put, either priced out of the market or unable to move because of pandemic-caused unemployment. While some experts expect a wave of foreclosures to hit once eviction moratoriums lift, Martinez tells me Washington is working on a plan to allow those homeowners to stay in their homes.
Monday, the Consumer Financial Protection Bureau announced rules that would block foreclosure until after the end of the year, while allowing loan services and borrowers to reach new payment plans.
“So if they can’t do anything until December, by that time we should have a good portion of the population at least back to work and stable. Then they move right into a modification that makes their payment no more than what it is right now,” Martinez tells me.
The other part of the problem is new home supply: Martinez says he doesn’t expect much relief from homebuilders, who cite building supply increases, a labor shortage and a lack of land.
In the meantime, the story continues to be this: multiple offers and sellers getting above listing.
One winner is photographer Molly Wood, whom I met at Rexford’s new listing in the northwest. Wood was busy snapping pictures that will soon advertise the home to the world.
“We are packed from the moment I get kids to school, to the night, we pick ’em up, it is ‘shoot day,” Wood tells me.
For her, not a moment to spare, with potential sales coming, one right behind the other.