Inventory Went Down Again
Like I took the time to point out last week, I’m not claiming the real estate market has corrected just because Las Vegas single family home inventory has trended down across the valley over the last few weeks. There could be many reasons why. With that said, if inventory was CLIMBING, everyone would be ranting and raving about it all over the internet. So, the fact that single family home inventory has gone down for several weeks is worth noting. Let’s take a look at the last few weeks of available SFR homes for sale in the Las Vegas Valley.
Number Of Las Vegas Valley SFR Listings Week Over Week
- 7,715 – Week of Nov. 14th
- 7,805 – Week of Nov. 7th
- 8,004 – Week of Oct. 31st
- 8,088 – Week of Oct. 24th
- 8,159 – Week of Oct. 17th
More On The Last 5 Weeks
The overall number of residential single family homes for sale in the Las Vegas Valley has dropped five weeks in a row. This started after a peek the week of October 10th , 2022 when there was 8,119 SFR listings on the multiple listing service.
(Cont.)
There Were Also Less Price Reductions
Last week, there were 1,495 price reductions from the week prior. This week, there were 1,223 price reductions since last week.
Other Stats
The median home price for single family homes in the LVV remained $440,000. Additional, 53.7% of homes sold in 30 days or less. Only 13.5% took 61-90 days.
Is This Because Of The Holidays?
Is the reduction in listings just because people are pulling their houses off the market during the holidays? Or is it because sellers have adjusted their prices and buyers are taking advantage of concessions and rate buydowns? To be quite frank, only time will tell. With that said, I do know of several individuals scoring good deals in this market. From Summerlin luxury homes to high-rise condos on and around the Las Vegas Strip, I help my clients win. If you’re thinking of inventing in Sin City, feel free to let me know.