Here’s one of the key lessons I learned from the early 2000s real estate boom and the more recent boom of 2020-2021. Beyond the regular advantages of owning an investment property, there’s another benefit to having a second home. When the market hit all-time highs in the past, many sellers couldn’t sell because they didn’t have anywhere else to go. If they had sold high, they would have ended up buying high as well. If you’re planning to stay in Las Vegas, you might want to consider purchasing a second home before you actually need it. It’s helpful to have somewhere to go in the event that prices rise and you want to take advantage of the market. Plus, if you have lived in a property as your primary residence for 2 out of the last 5 years, you can pocket up to 500K in tax-free profit depending on your marital status.
In the guard-gated market, inventory was up to 437 active listings in July, a year-over-year increase of 72%. However, there were only 43 closed sales in July, a year-over-year decrease of 69.9%. This increase in supply and decrease in demand is causing the market to slow down substantially. The last time guard-gated sales came close to being this low was in January 2019 (47 closed sales) and December 2018 (60 closed sales). Normally, December and January are the slowest months of the year, so seeing numbers like this in July is worrisome.
As of July 31st, there were 81 guard-gated properties under contract. June 30th had 81 pending sales as well. This means we will probably see approximately the same number of closed sales in August as we did in July (43). These market dynamics will make the real estate market more competitive for sellers and will likely push prices down. If your goal is to sell, we recommend selling sooner than later, and who you hire matters.
Our team is uniquely comprised of full-time, salaried professionals — all collaborating and proactively staying on top of every detail in the transaction. And all to deliver a client experience that’s more honest, more dependable, and all-around more enjoyable. Give us a call and find out for yourself!