Current Las Vegas Market Individual Charts
Current Las Vegas Market Report
Market Overview
Overall, August closed sales very much matched July with condo/townhomes having a stronger month and better year over year performance. 2023 market closings and volume remain approximately 24% off the 2022 market pace while showing signs of a potentially stronger year end finish. So, what about the myth that prices are dropping? It’s not happening! Just review the “Last 25 Months” chart below and we can see that the trend is back up again. The median price slipped to $448,000 even as the average closed sales price of an SFR jumped from $569,565 to $583,291. The luxury market closings outperformed both last month and year over year with 152 closings to pull the average up. However, distressed sales were noticeably up – making up 1.7% of all August closings. Way too soon to see if this is a trend!
Months of Inventory!
The real estate market is holding three (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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