Welcome Back To LUXE BLOG
No need for a fancy intro; let’s just get to the data. In case you don’t know, I do weekly (sometimes semi-weekly) market updates. The data of which I go over is for single-family homes (no condos or townhomes). Also, the data is for the entire Las Vegas Valley. Today, I will compare numbers from the week of May 22nd to those of June 5th. Out of ALL the data, what’s MOST important is that the median home price rose. While I will let you find that part of the blog, it is a healthy gain.
Before we get into the numbers, I want to point out that the valley (LVV) comprises the cities of Las Vegas, Henderson, and North Las Vegas.
The Data – Part 1
Active Listings
The active listings decreased slightly. There were 3,651 in the week of May 22nd. There are 3,622 as of the week of June 5th.
Short Sales
Short sales slightly dropped from 0.22% (8 listings) of total listings in May 22nd to 0.22% (11 listings) by June 5th.
Real Estate Owned (REO)
REOs increased from 16 on May 22nd to 23 REOs listed as of June 5th.
Traditional Sales
Traditional sales remained the dominant part of the market at 99.2% (3,588 listings). On June 5th, down slightly from 99.2% (3,625 listings) on May 22nd.
Under Contract Properties
These decreased from 2,798 on May 22nd to 2,591 during the week of June 5th.
Mortgage Pulse
Mortgage rates saw a slight increase across the board.
Also Read: Dragon Rock Inventory Update Compared To February 2023
The Las Vegas Median Home Price Increased In June 2023
The Data – Part 2
Market Trends
The percentage of homes selling within 30 days decreased from 53.6% to 50.6%. Also, homes sold within 31-60 days slightly decreased from 17.9% to 16.5%.
Median Home Price
There was a noticeable increase in the median home price. Back in late May it was $430,000. As of early June? It stands at $442,120. That is a 2.82% increase in roughly just two weeks. Not bad. Not bad at all.
Price Reductions
Price reductions saw a slight increase. There from 480 in the week of May 22nd. And there were 482 in the week of June 5th.
So There You Have It
The latest stats reveal that, while there are minor fluctuations, the market remains stable. Not to mention that the median home price INCREASED. Many people keep hyping how the market will crash, but where is it? The latest U.S. Housing Market data shows inventory shrinking. Tough pill to swallow for many.
Until Next Time
If you’re waiting on the sidelines, that’s fine. I’m not here to hype you. But remember, while you’re afraid to start that new business or buy a new home in Vegas, someone else is doing it for you. They are living life. And I’m one of them. I’m buying and selling real estate and helping my clients do the same. We’re making things HAPPEN. Thanks for reading.