Las Vegas Housing Data For April 2023-First off to recap in March we had 4,196 single family homes for sale for 2.5 million people. Average sales price was $425,000.00. This average sales price has been at that level for several months now. Median Listing price for new listings was at $470,200.00. As your Las Vegas Realtor, I keep up with data and housing trends so that I can pass this information along to you. If you are thinking about Las Vegas real estate, please continue to read my blog post.
In April we saw the average sales price rise to $430,000.00. Up $5,000.00 from March. Inventory continues to fall. April’s inventory dropped to 3,737 single family homes. A difference of 459 homes no longer on the market. Average median listing price for new listings rose to $474,000.00. Up $3,800.00.
Days on market: In March, 49.6% of the properties on the MLS sold in less than 30 days. In April, that number jumped to 53.6% a 4% difference in the span of 1 month.
The numbers listed above continue to show that our market is NOT adding new listings to the supply chain and that inventory is still very low. 3,737 homes for a population of 2.5 million people is concerning for me. This indicates to me that at some point over the summer if buyer activity rises we will be heading into a sellers market. Even though interest rates remain high, I am seeing more cash buyers calling me to buy a home in Las Vegas. Cash buyers from out of state are relocating to Las Vegas because we are more affordable than where they are currently living. Quality of life is also a huge factor.
A true buyers market before Covid was low interest rates and a single family home inventory between 10,000 to 12,000 homes for sale or even higher. In the years post Covid, people have very limited reasons to sell their homes. These reasons would be a death in the family, a divorce or relocation. There really is no seller motivation right now to sell your current home if you have no where to go or do not have another home to purchase that would be more affordable than what you currently have. Las Vegas real estate has been holding it’s value and it’s a great place to relocate as well. As your Las Vegas Realtor, I can assist you with relocation too.
I am also seeing builders starting to take away incentives from buyers unless you are using their in house mortgage company. In the next few months if we continue to see builders taking away these buyer incentives, this is a strong indicator of an upcoming sellers market.
Bankrate.com is stating today’s current 30 year fixed mortgage is at 6.84%. https://www.bankrate.com/mortgages/mortgage-rates/?disablePre=1&mortgageType=Purchase&partnerId=br3&pid=br3&pointsChanged=false&purchaseDownPayment=120000&purchaseLoanTerms=30yr%2C5-1arm%2C5-6arm&purchasePoints=All&purchasePrice=600000&purchasePropertyType=SingleFamily&purchasePropertyUse=PrimaryResidence&searchChanged=false&ttcid&userCreditScore=780&userDebtToIncomeRatio=0&userFha=false&userVeteranStatus=NoMilitaryService&zipCode=89030
If you are on the fence about buying a home right now or are waiting for things to get better, in my opinion the housing market inventory here in Las Vegas will not improve for years to come.
The lack of inventory is keeping pricing high, demand is still off because people cannot qualify for home loans because of the higher interest rates which takes away their buying power. With more cash buyers coming into the market, we will continue to see the inventory get smaller. We would need over 20,000 homes right now to hit the market for it to become a buyers market.
Short sales and foreclosures are still very low and are not affecting our market’s value. Banks and mortgage servicers are not foreclosing at past rates that we saw in 2008 to 2014. If you missed 3 more payments starting today, you could still be in your home for over 1 year if not longer before a foreclosure happens. Check out my foreclosure time line page here: https://lvrealty4sale.com/how-to-avoid-las-vegas-foreclosure/ This is also limiting our inventory.
If you have any questions about the Las Vegas housing market, or Las Vegas real estate please contact me anytime. I hope this email has been educational and helpful. I look forward to being your trusted Las Vegas Realtor.