From San Diego To Nevada Real Estate Prices are Rising

Townhomes

A seller’s market means that there are more homes for sale than buyers. The competition is stiff, and sellers can set their prices high with the expectation of finding a buyer who will pay up. If you want to buy now but have been outbid many times before, then it may be time to get creative!

When we look at current house prices in this city we’re right smack dab in the middle of a perfect storm-there are way too many houses on offer just when people are looking for them most fervently because they think these good deals won’t last long; therefore homeowners know they can ask sky-high asking price without being underwhelmed by multiple offers coming from eager bidders feeling pressured into making an expensive purchase.

From San Diego

According to a real estate company, the median price of an existing single-family detached home in San Diego County increased to $825,120 in April, up from $800,000 a month earlier, mirroring a jump across California that pushed the state's median price above the $800,000 mark for the first time. "As vaccination rates rise and the state reopens entirely, higher home prices will potentially entice prospective sellers who have been hesitant to list their homes for sale due to the pandemic to feel more comfortable doing so, easing pressure on home prices."

In April, closed escrow sales of existing single-family detached homes in California totaled 458,170, according to the seasonally adjusted annualized average.

" California continues to have one of the hottest housing markets in the country, with homes selling at a record rate, with the share of homes sold above asking price, price per square foot, and sales-to-list price all at record highs, while active listings remain at historic lows," C.A.R. says. "High demand and a scarcity of homes for rent, fueled by these market factors, continued to push up home prices, breaking the previous month's record high."

In April, the median number of days it took to sell a single-family home in California fell to a new low of 7 days, down from 13 days in April 2020. According to the group, the number of home buyers who could afford to buy a median-priced, existing single-family home in California in the first quarter of 2021 fell to 27% from 35% in the first quarter of 2020.

To Nevada

The value of home prices in the Las Vegas Valley is increasing as a result of ultra-luxury sales, and it wouldn't be shocking if the city sets an all-time high in 2021 for the highest price ever paid for a home.

rising prices

According to the Multiple Listing Service of the Las Vegas Realtors Association and tracked by Forrest Barbee, a corporate broker with Berkshire Hathaway HomeServices, the year is off to a good start in the first four months of 2021, with 524 luxury transactions of $1 million or more between January and April. According to BrokerMetrics, a consulting firm that monitors Realtor transactions on the MLS, the year is on track to blow away the 856 luxury home sales in 2020, thanks to the end of the COVID-19 pandemic.

The value of sales is outpacing the number of sales, as prices rise and more buyers than ever seek out uber-luxury homes priced at $4 million or more. There were 43 sales of $4 million or more in the first four months of 2021, compared to seven from January to April 2020. There are several factors that contribute to the marketplace's success.”

The rankings of luxury teams in Las Vegas for 2021 haven't been released yet, but Colorado-based Real Trends ranked Realtor Ivan Sher's community with Berkshire Hathaway as No. 1 in its 2020 release. According to the MLS, Sher has a contract on a home in Ascaya, Henderson, that is listed for $15.9 million.

Sources:

https://www.nbcsandiego.com/news/business/ignite-san-diego/sd-median-home-price-surges-25000-in-a-month/2607016/

https://www.reviewjournal.com/homes/real-estate-millions/las-vegas-could-see-highest-price-ever-paid-for-a-home-in-2021-2354376/