The Clark County real estate market slowed in July, but only slightly – and only compared to the breakneck pace of market activity this year.
A report from the Regional Multi-Listing Service showed a slight decline in unfinished sales last month, allowing for the first time since April to expand the region’s highly limited inventory.
There were reportedly 1,213 new listings, up 7.7 percent from June and 3.3 percent more than in July 2020, when there were 1,174 listings.
The 969 sales in progress were down 3.3 percent from 1,002 recorded in June and 5.8 percent from the same period last year from 1,029 in July 2020.
Closed sales increased 2.8% from June, from 966 to 993, and jumped 5.8% from 939 recorded in July 2020.
The region’s inventory in months, showing how long it will take to sell through existing inventory, rose slightly to 0.7 after having remained flat at 0.6 in the previous three months.
The inventory ranged from 1.8 to 2.9 months in the year leading up to the COVID-19 pandemic, but plummeted in the summer of 2020 and has remained below one month since September last year.
The region’s median home sales price declined slightly from $ 476,800 in June to $ 475,000 in July, although the median price rose from $ 530,000 to $ 537,900 over the same period.
This is the first time any indicator has dropped from month to month in a year. Local house prices rose rapidly amid a surge in real estate activity, and local real estate agents blamed the rise in costs on a lack of supply amid high demand, sometimes prompting potential buyers to bid.
At this time last year, the average year-to-date sales price was $ 392,000 and the average price was $ 428,300. For 2021, the median year-to-date is $ 452,000, up 15.2 percent, and the average is $ 509,000, up 18.8 percent.
John L. Scott’s local office compiled its own monthly data-driven report highlighting the breakdown of sales and listings by price range.
For each price range up to $ 750,000, Scott reported an outstanding delivery time of approximately 0.5 months, and for homes in the $ 750,000 to $ 1 million range, approximately 1.5 months.
The ranges from $ 350,000 to $ 500,000 and $ 500,000 to $ 750,000 together account for nearly three quarters of Clark County’s listing.
“The intense summer heat in the Clark County real estate market did not abate in July,” the report said.