Greater Las Vegas Real Estate Market Update – March 2023

Current Las Vegas Market Individual Charts

Current Las Vegas Market Report

Market Overview

2023 is off to an auspicious start! January and February closing were only 3,057 units, which is 40% behind 2022 and the worst start to any Greater Las Vegas residential real estate year since 2008. However, activity and closings increased during the last week February. Listings taken were down while closings were up, leaving us with just under 4 months of inventory for SFR listings.

The median sales price of SFR closings remained flat at $424,950 while the SFR average closed sales price dropped 7% to $494,671. Interest rates certainly have buyers and sellers on edge and often on the fence for now. The luxury market closings held steady at 76 closings in February.

Advantage No one!

The real estate market has rapidly gone from only a few weeks of marketable inventory to just under (4) months of inventory. The average days on market increased to 60 days as we saw some older inventory close escrow last month. That contributed to lowering the Over Pricing Index to 54%. With four months of SFR inventory, buyers and sellers are negotiating in a balanced market with neither side having an inherent advantage based on supply and demand.

Clearly the market continues to adjust 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! However, we appear to be poised to come out of the funk we have experienced the past six months or so much as we did around the second quarter of 2008. That’s good!

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

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