Current Las Vegas Market Individual Charts
Current Las Vegas Market Report
Market Overview
2022 closings are 22% off the 2021 pace and are falling behind the 2014 resale market. The current level of closings could easily lead to the worst resale closing year since 2008. Listings taken, available listings, and homes in escrow all dropped significantly in October. There are just over six months of inventory for SFR listings, but it ranges from 4 months to 16 months depending on which community we investigate.
The median sales price of SFR closings dipped to $440,000 while the SFR average closed sales price improved to $546,86 for an increase of 3.4%. The luxury market closings improved to 105 last month with a modest increase in market values. Clearly, more closings are occurring at lower price points. The last chart below really shows the shift in sales by price point.
One caution – market prices are not falling consistently across the market as evidenced by rising prices in the luxury market! Each community, subdivision, and price point must be considered on a case-by-case basis.
Heading into the 4th Quarter
The real estate market has rapidly gone from only a few weeks of marketable inventory to just over 6 months of inventory. That coupled with falling sales and a significant drop in listings taken have caused the over pricing index to jump to 56%. Listing agents must seriously consider the current supply and demand profile when preparing a comparative market analysis for sellers. However, both Sellers and Buyers are anxious for the moment, so fasten your seatbelts!
Clearly the market is adjusting to the political, economic, and financial conditions that have been thrust upon us. The consumer as well as the real estate professionals will also adapt to these changes. For example, some potential buyers are sitting on the sidelines, but others are moving forward with perhaps a smaller house for now with the belief that one day they will be able to refinance into a better mortgage. Others are considering attached homes as we see the condo and townhome sales continue at a very good pace.
Most importantly – even as we see sales potentially slowing for a while, we will not revisit the market collapse of 2007! This market has challenges but is far healthier than that! The closing “brakes” are on, but the market is not fraught with the same forces and variables that created the 2007/2008 market problems! More importantly, do not pay that much attention to media articles that are gloom and doom – even if they are sprinkled with some factual elements. If that fails – please treat yourself to a full news blackout – and make a few more sales instead! LOL
Finally, with sales slumping – how many REALTORS will hang up their spurs when 2023 board dues must be paid? Perhaps 2000 – 3000? We will find out shortly!!!
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Thanks Forrest, we needed some recent statistics addressing the impact on supply, days on market and of course, value. The graphs are perfect!
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