Greater Las Vegas Real Estate Market Update – May 2023

Current Las Vegas Market Individual Charts

Current Las Vegas Market Report

Market Overview

2023 continues to be off to an auspicious start! First quarter SFR closings were only 7,435 units, which is 35% behind 2022. Activity and closings were sluggish during all of April. Listings taken and closings were both down, leaving us with 3 months of inventory for SFR listings.

The median sales price of SFR closings improved to $430,000 while the SFR average closed sales price jumped 1.9% to $527,057. Interest rates certainly have buyers and sellers on edge and often on the fence for now. The luxury market closings remained strong with 119 closings in April.

Advantage Sellers – Once Again!

The real estate market has leveled out at 3 months of inventory, but that means the majority of sellers have the initial negotiating advantage when receiving offers. The average days on market decreased to 50 days as we saw some older inventory close escrow last month. That contributed to lowering the Over Pricing Index to 50%.

April simply seemed to stall following the increase in activity and sales momentum in March. 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. It’s wait and see time looking forward to the remainder of 2023. In the meantime, go out and take another listing!

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