Current Las Vegas Market Individual Charts
Current Las Vegas Market Report
Market Overview
It looks like May was exactly what we have been waiting for despite overall closed units being down 32% from last year and closed volume down 35%. We took about 200 more listings while closing over 500 more residential sales than April. Overall months of inventory decreased to two (2) months.
The median sales price of SFR closings jumped from $430,000 to $445,000 for a 3.5% increase while the SFR average closed sales price soared 6.6% to $562,023. The market seems to be stabilizing and it looks to be ready to compete with 2022 during the last half of this year.
Advantage Sellers – Once Again!
The real estate market dropped to 2 months of inventory, and that means the majority of sellers continue to have the initial negotiating advantage when receiving offers. The average days on market decreased to 43 days as we saw some older inventory close escrow last month. That contributed to increasing the Over Pricing Index to 53%.
The luxury market also enjoyed excellent momentum with 141 closings in May. The luxury market is currently sitting at 6 months of inventory.
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