Current Las Vegas Market Individual Charts
Current Las Vegas Market Report
Market Overview
First . . . my numbers are a little different than LVR. They took their snapshot on 7/5/2023 but most agents did not have end of month June closing packages until yesterday or today – so I held off. And some high-end sales closed in the last couple of days in June that just showed up. Consequently, the median price remained flat at $445,000 even though the average closed sales price of an SFR dropped from $562,023 to $546,426. Actual closings were flat and consisted of a higher proportion of cash sales. New listings were flat for June while available and pended listings have both dropped a bit. That means we have a healthier three months of inventory, but both buyers and sellers are a bit more nervous due to “all the stuff” going on in the economy. If there was ever a market in need of aggressive 3 and 5 year ARMS – it’s this one!!
Months of Inventory!
The real estate market improved to 3 months of inventory, but that is the overall market and doesn’t address what’s going on in each community or subdivision. I make this point because too many agents prepare seller CMAs exactly the same way they prepare buyer CMAs. I take exception to that practice. Why? Because it’s my opinion that the goal of the buyer CMA is to determine value while second guessing the appraiser. We certainly don’t want our buyer to make unrealistic offers or be terribly surprised by the appraisal. However, I’m not looking for model matches when preparing a seller CMA. Why not? Because prospective buyers are not necessarily confining their search to my seller’s model. More importantly, a seller CMA should clearly assist the seller with an understanding of the supply versus demand dynamic in his/her community or neighborhood. Simply, an over-supply may mean that the seller may not expect to obtain full market value if they have time constraints for selling. Conversely, we have already witnessed sellers closing on homes above market value when demand is high and supply is low.
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