Market values continue to drift sideways even as the number of closed units increases slightly. Inventory availability remains just below 11,000 residential units, but the average months of supply for available SFR properties rose to 3.4 months as the number of closed units dropped 10.4% in October. Meanwhile the Northwest has less than three months of available inventory.
Just a note on inventory levels! The numbers provided in these stats look at large areas and do not take price points into consideration. For example, Seven Hills has about four months of overall inventory, but more than ten months of inventory in the luxury end of the market. Thus, it is necessary to consider price points when preparing a Comparable Market Analysis (CMA) in order to properly determine how supply and demand are playing out at the different price points. Here is a chart that partially illustrates this point by looking at Days on Market by price point:
October SFR closings were down 10.$% from September but rose 20% from October 2014. The median sales price of an SFR remains at $220,000, while the average price edged up to $259,239. Again this is the new “normal” for the Greater Las Vegas market. It’s slow, steady, but not sexy growth. Some even call it boring, but that’s just fine! Embrace the sanity that comes with this market and let’s just hope it continues in this relatively boring manner for several more years!
Meanwhile, the Luxury Market is strong with sustained momentum!
Finally, we are in that market period when Open Houses truly reward those who faithfully conduct them. We are entering the holiday season where we have far fewer “lookers” coming out. However, the vast majority of those who take their time to seek out an Open House are generally ready to buy or list. So, if you are not satisfied with your current 2015 results, or want to build momentum for 2016 – consider preparing and conducting Open Houses as many days as you possibly can between now and New Years!