Current Las Vegas Market Individual Charts
Current Las Vegas Market Report
2023 continues to be off to an auspicious start! First quarter SFR closings were only 5,443 units, which is 36% behind 2022. However, activity and closings increased during the last half of March. Listings taken and closings were both up, leaving us with 3 months of inventory for SFR listings.
The median sales price of SFR closings remained flat at $425,000 while the SFR average closed sales price jumped 4.5% to $517,131. Interest rates certainly have buyers and sellers on edge and often on the fence for now. The luxury market closings improved to 135 closings in March.
Advantage Sellers – Once Again!
The real estate market has rapidly gone from only a few weeks of marketable inventory to 3 months of inventory. The average days on market decreased to 54 days as we saw some older inventory close escrow last month. That contributed to lowering the Over Pricing Index to 51%. With three months of SFR inventory, sellers have the negotiating advantage in the current market. However, this is not the same across all communities and subdivisions.
March may be the first signs of a market turnaround since last June. The consumer as well as the real estate professionals are adapting to the changing market. For example, many potential buyers were sitting on the sidelines, but seem to be making buying decisions. In turn the Greater Las Vegas market is beginning to enjoy a return to higher demands even as we create additional supply with more listings taken.
This market still has challenges but remains quite healthy! The closing “brakes” seem to be coming off a bit and we appear to be coming out of the funk we have experienced the past six months or so.
It’s a good time to take another listing!
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