Current Las Vegas Market Individual Charts
Current Las Vegas Market Report
Market Overview
Although 2022 remains 8.5% off the 2021 pace, closings at this pace could easily end up at 32,000 – 35,000 by the end of the year. If so, that would look a lot like 2016 through 2020. Available SFR inventory improved to 4209 units while listings taken in April were approximately 450 more than in April. The SFR market increased slightly to 1.4 months of available inventory even as the condo and townhome segment rose to 1.1 months of inventory. The average days on market fell to 15 days.
The median sales price of SFR closings jumped yet again from $475,000 to $481,000 for a one-month gain of 1.3% while the SFR average closed sales price dropped to $574,968 from $586,642 for a one-month decrease of 1.99%. The very high end of the luxury market had fewer closings that last month, but overall closings above $700,000 remain strong. Oh . . . that dip in luxury closings would have been a record-breaking closing month for any month in 2021 or earlier!! However, there are fewer closings and more contractions at the lower price points. Strong high-end closings continue to put upward pressure on the median price despite some very modest overall cooling off of prices across the market.
I would expect it’s about time for the market naysayers to come out of the woodwork touting or forecasting a dark, ominous future for the Las Vegas real estate market. I’ve already seen one tweet from one of these “Chicken Little” gurus spouting the upcoming gloom! However, I do not believe that this is the case. Not at all! The market forces that caused the bubble that burst in 2006 do not exist today. Moreover, Las Vegas enjoys a much more diversified economy and wider range of businesses than ever before in Las Vegas history. We are no longer a “one trick pony” dependent solely upon gaming despite gaming and conventions remaining the bedrock or foundation that this economy is built upon. We enjoy a sustainable growth market as we begin leaving the pandemic behind us!
However, the market has tapped on the closing brakes in the wake of mortgage rate increases, political uncertainty, rising inflation, and supply chain disruptions. Yes, mortgage interest rates are higher than they have been in some time – BUT – we have sustained demand and continue to create jobs due to the strong Las Vegas economy!
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