Supply for the whole Las Vegas valley area is only about 4000 single-family homes. This is extremely low. Far lower than a normal market. Demand, represented by the pink line (homes in escrow) is at record numbers. Further, this does not show the true demand–those looking for a home but don’t have an accepted offer yet.
List prices are way up. Luckily for buyers the sales prices have not come up as fast as the asking prices. However, it is very difficult to get a non-cash offer at market price accepted–there are always multiple aggressive offers on all reasonably priced homes.