As we head into mid March, you can feel the weather changing here in Nevada. Pretty soon, I’ll be writing content from out by my pool. At night. Enjoying life. But that’s a couple more weeks away, so while I sit inside, I will go ahead and get you up to speed on the latest market outlook. Fair? Good.
In The Last Update
In the last market update on February 14th, I mentioned how inventory continued to drop. I also mentioned how I’ve ALWAYS told it like it is on this website. When inventory was high, I reported it right here on LUXE BLOG. Well, once again, inventory has gone down. Having said that, are we in a totally different market than when things were smoking hot? Of course. It just happens to be that the correction itself is tapering off. At least that what the data shows.
There were 5,166 single family home listings in my last update on the 14th. As of the week of March 6th, 2023, there is 4,608 single family homes for sale in the greater Las Vegas area. Another stat I want to point out is the number of price reductions. In my Feb. 14th report, I pointed out there had been 685 price reductions from the week prior. In this report, there have been a tad less at 619. One funny thing I saw was the median home price DROPPED. How much? From $425,000 to $424,995.
Last time I updated, there were 2,533 SFR properties under contract. As of the week of March 6th, there are 2,547. Out of those, 99% are traditional sales. That is, out of 2,547 single family homes under contract in the valley, only 52 of them are either a short sale (24) or an REO (28).
41.1% of single family properties recently sold did so in under 30 days while 19.9% did so in 31-60 days. 13.2% sold within 61-90 days.
That Wraps It Up
Well, that about wraps up my latest update. Is the housing market heating up as we head into the spring season? We shall see. If you have any questions or want more information on the current state of affairs here in Nevada, please don’t hesitate to reach out. I’m always happy to chat and help you make informed decisions about your next move. I’ll just be here getting ready for pool nights!