Here We Go Again
Every week, as a professional in the real estate business, I study the market stats for the overall valley. And each week, I report the latest data and information here on my website. The week of November 7th, 2022 is no exception. With that said, let’s get into the latest, shall we?
First Off Let’s Discuss A Few Things Of Note
As of early November, 2022 the median home price for single family residential homes was $440,000. This is down $10,000 from early October. 53.7% of homes are selling in under 30 days, 24.9% in 31-60 days, and 13.5% in 61-90 days.
Additionally, there have been roughly 1,495 price reductions since last week’s report. While inventory has soared over the past 6 months, it has declined a bit over the past couple of weeks. This could be due to a NUMBER of reasons so nothing to get excited about. Nobody expects the Las Vegas real estate market to correct itself overnight.
As Of This Week
- 7,805 Active Residential Listings
- 7,728 were traditional – 99.2%
- 53 were REOs – .61%
- 24 were short sales – .22%
1,826 Residential Properties Under Contract
- 1,805 were traditional – 99%
- 6 were REOs – .30%
- 17 were short sales – .73%
With All Of That Out Of The Way
With all of the above out of the way, interest rates are the primary reason to blame for the current adjustment. No, sellers should not have expected to gain 30% appreciation year after year. Yes, many homeowners are more than secure in their loans and with their equity. Hence we have somewhat of a standoff. Sellers don’t HAVE to sell. And buyers can’t afford the current median home price point due to high interest rates. If you’re looking to learn more about the real estate market in Henderson and/or Las Vegas please don’t hesitate to reach out and let me know.