When Ryan Oesterle put his Las Vegas townhouse up for sale last month, he knew the market had heated up and figured it would only take a week or two before he accepted an offer.
Instead, it only took days as he received a plethora of offers and sold the house for $ 13,000 more than asking price.
Oesterle, a 34-year-old limousine driver, isn’t the only one who has quickly found a buyer in recent times.
Homes in southern Nevada are selling fast, according to a new report, although properties are trading even faster in many other cities, underscoring how housing has become in the country during the pandemic.
About 51% of Las Vegas area homes that found buyers in April were sold within a week of going to market, according to figures released by SEO site Zillow.
Las Vegas’ fast-selling share was 27th among the 50 metropolitan areas listed in the report. Columbus, Ohio, topped the list with 73.8%, while nationally, 47.3% of homes sold last month had been on the list for less than a week, Zillow reported.
The report covers homes that have contracted with buyers, not completed sales.
The Las Vegas real estate market has accelerated at its fastest rate in years as lower mortgage rates allow people to cut their monthly payments and stretch their budgets. Buyers flood properties with offers, often days after they hit the market, and regularly pay the asking price, multiple sources said.
Builders have put buyers on waiting lists; median resale prices hit new all-time highs almost every month; the available inventory has decreased; and out-of-state buyers, especially Californians, seem to be grabbing more homes than usual in cheaper Las Vegas, as people work from home without having to travel.
Across the United States, homes are selling “very quickly by historical standards” due to “relentless demand,” Chris Glynn, senior economist at Zillow, told the Review-Journal on Monday.
He said demand is greatest in affordable markets which offer outdoor equipment year round. These areas had already gained in popularity, but demand has “increased dramatically”, possibly due to the pandemic, he said.
âThese are places that really popped up last year,â Glynn said.
In southern Nevada, it’s “perfectly normal right now” for homes to sell out in less than a week, said Jessica Hallenbeck, an agent for Signature Real Estate Group.
She listed a two-story home in North Las Vegas this month, received a cash offer the same day, and made a deal with the buyer the next day, she said.
Realty One Group agent Anthony Trincilla said overvalued homes will endure, but if a home is properly valued, it can sell within three to four days of being available for exhibitions.
Trincilla, a former taxi driver who dabbled in real estate early last year, listed a house for the first time a few months ago. The one-story home in Summerlin was priced at $ 540,000 and, after contracting with a buyer less than a week after it was listed, traded hands for $ 556,000, according to its listing history.
He had maybe 25 screenings in the first two days, Trincilla recalls.
âIt was outrageous,â he said.
Oesterle, the limo driver, remembers sending out 30 or 40 offers for his townhouse in the Southwest Valley, a few within two hours of it going on sale.
The whole selling process was fun and seamless, he said, but getting more than one taker in a matter of hours “seemed surreal.”