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Takeaways from April 2023:
PRICES UP for the first time since May of 2022. After 4 months of price stability there was a 5k increase in median home prices. The major reason is a significant lack of inventory. While the amount of homes available decreased in April, the number of transactions complete decreased even more.
As I forecast a price increase last month correctly based on data, as we enter the end of Spring season and start to summer, I would likely expect that prices will continue to increase as it appears the Las Vegas real estate market has hit a bottom and consumers sitting on the sidelines are returning to the market. Las Vegas has traditionally been a seasonal market and prices tend to increase in the warm months with leveling off in the colder months. Looking at the data, it appears we are back to a regular real estate cycle post-Covid.
Multiple offer situations are becoming more common place on properties. While there is still inventory that has been sitting, consumers are gravitating toward appropriately priced homes that are in good to great condition.
On a personal side note, I received the most amount of calls from home flippers this last month which may indicate investors are eyeing the market again.
Median Single Family Home Price: $430,000
Down from 475,000 a year ago (-9.5%).
UP from 425,000 a month ago(+1.2%).
Median Condo/Townhouse Price: $270,000
Down from 275k a year ago (-1.8%)
Up from 260k a month ago (+3.8%)
Number of New Single Family Home Listings: 2,451
Down 4.4% from a month ago.
Down 33.2% from a year ago.
Number of New Condo/Townhome Listings: 704
Down 4% from a month ago
Down 31.6% from a year ago.
Single Family Homes without offers at end of period: 3,737
Down 10.9% from a month ago
Up 53.1% from a year ago.
Units Sold this Period: 1,962
Down 16.9% from a month ago
Down 34.6% from a year ago
53.6% of all single-family homes sold within the first 30 days.
Up from 49.6% a month ago and down from 87.2% a year ago
Months of Inventory Available:
Single-family homes: 1.9 months
Condos/Townhouses: 1.8 months