June 2023 Real Estate Market Update and Housing Statistics – Las Vegas

Las Vegas Housing Market

Median Single Family Home Price: $440,990

Down from 480,000 a year ago (-8.1%).

Down from 442,120 a month ago (-0.3%).

Median Condo/Townhouse Price: $275,000

Down from 280k a year ago (-1.8%)

Same as a month ago (+0.0%)

Number of New Single Family Home Listings: 2,617

Up 0.5% from a month ago.

Down -44% from a year ago.

Number of New Condo/Townhome Listings: 743

Up +2.5% from a month ago

Down -38.2% from a year ago.

Single Family Homes without offers at end of period: 3,680

Up 1% from a month ago

Down -36% from a year ago.

Units Sold this Period: 2,293

Down -1% from a month ago

Down -14.1% from a year ago

65.5% of all single-family homes sold within the first 30 days.

Up from 60.6% a month ago

Down from 86.1% a year ago

Months of Inventory Available:

Single-family homes: 1.6 months

Condos/Townhouses: 1.4 months

(Data provided by Applied Analysis a partner of the Las Vegas Realtors Association)

Takeaways:

After last month’s significant increase in median home prices, the market has gone more or less horizontal in most categories with a small pullback of of median single family home prices of $1,130.00. The levels of inventory remain virtually unchanged at 1.6 and 1.4 months for single family homes and townhomes/condos, respectively.

Properties are still selling quickly with the trend moving upward for the amount of homes selling within the first month on market.

There was a disappointment regarding interest rates as continuing increases were announced. The consensus among lenders I talk to is that we are within the last two rate hikes. Depending on interest rates, Spring season of next year is starting to indicate a potentially competitive market. If there is a rate drop for any reason, a frenzy will inevitably follow.

Capitalizing on high interest rates, new build communities are able to offer lower interest rates if you use their preferred lender (they get to double dip on making money). Speaking with a local broker, new homes are accounting for 31% of all sales at the moment which is both startling and a sign of the times with rates. Remember to retain an experienced agent when working with new builds as they all have contracts that can be 100+ pages that are designed to protect the builder and many sales agents will forget to inform you of items that are negotiable.

If you are worried about interest rates in resales, talk to your Realtor or lender about how you can negotiate terms to buy down your rate when submitting offers to sellers. Some lenders have partnerships and specials. A trusted lender has offered any referrals from my brokerage a 1% rate buy down. That’s a great place to start without asking the seller for anything.

Overall, the market is still a sellers market with buyers having to get creative to save money when purchasing.

source

Related Articles

wpChatIcon