The numbers are in for August, but before you jump to any conclusions, it’s important to go through all the information to understand how the pieces fit together. There are 233 guard gated homes for sale as of 8/31/21—down 8.3% over July’s inventory (254 homes) and down 48.1% over last August’s inventory (449 homes). Inventory this low means the market will remain competitive for quite some time. As of 8/31/21, there were 129 properties under contract—down from 135 in July (-4.4%) and 159 last August (-18.9%). Lower sales volume like this is not surprising when you consider the decreased inventory; buyers are having a harder time finding what they want. Finally, August saw 104 closed sales compared to 134 in July and 109 in August 2020. On a year-over-year basis, closed sales were down only 5% while inventory was down 48.1%. This means we’re still in a seller’s market and will continue to be for the foreseeable future.
Here are some additional factors to keep in mind:
• Enhanced unemployment benefits for Nevada ended on 9/4.
• Evictions are allowed, but can be protested. If you’d like more information, I recommend looking into Assembly Bill 486, which expires 6/2023, and the CARES Housing Assistance Program (CHAP).
I expect all of the above to help the luxury market. The majority of homeowners in guard gated communities are business owners and investors. More people returning to work will benefit many of our clients.
If you have any questions—or if you would like to know how much we could sell your home for in this seller’s market—please give us a call at 702.605.7480.