27.9% of Las Vegas Local Property Sales - CASH

Dated: January 14 2022

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The total number of existing local homes, condos, town homes and other residential properties sold in Southern Nevada during 2021 was 50,010, according to lasvegasrealtor.com

That was the first time more than 50,000 properties changing hands in a year and topped the previous record set in 2011 by nearly 2,000 sales. By comparison, lasvegasrealtor.com reported 41,155 total sales during 2020. By the end of December 2021, there were 2,251 single-family homes listed for sale without any sort of offer. That’s down 30.5% from the same time last year. There was also 387 condos and town homes listed without offers in December represent a 66.4% decrease from one year earlier.

During December of 2021, 27.9% of all local property sales were purchased with cash. That’s up from 20.2% one year ago. While that percentage increased over the past year, it’s still below the March 2013 cash buyer peak of 59.5%. Homes have been selling faster than in previous years. In December, 90.2% of all existing local homes and 90.6% of all existing local condos and town homes sold within 60 days. Compared to one year ago, when 84.3% of all existing local homes and 77.1% of all existing local condos and town homes sold within 60 days.

Luxury homes outperformed: Breaking the all-time record for sales of local homes priced over $1 million — that's more than doubling the number of such homes sold during 2020.

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Kenneth Manesse

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