A Lovely Update
After a fun Valentine’s Day, it’s time to get back to work. Let me first thank you for coming to check out my blog. Here I post all kinds of original content. Helpful content. From stats and stuff like that to niche knowledge of the high-rise condo market and projects like the Four Seasons Residences Las Vegas, I am always out in the field learning and online sharing that info. If you ever want me to cover a topic, please contact me and let me know.
Back To The Stats, Jack
As I’ve said, I’m a numbers geek. I like percentages and all that stuff. Most importantly, I like EDUCATING my clients. That’s because I enjoy saving them money when buying real estate in Las Vegas and Henderson. Make sense?
Let’s get down to business. As of the week of February 13th, 2023, there are currently 5,166 active single-family listings in the Las Vegas Valley (down again). That’s a decrease from last week’s update. That’s nothing new. The downward trend of available homes for sale in the valley has been consistent for the past few months. The houses are playing hide-and-seek with the buyers, but they could do a better job of hiding.
Price Reductions
Since last week’s update, there have been 685 price reductions.
Now, The Juicy Stuff
There were 2,533 residential properties under contract. Of those under contract, 2,488 were traditional sales. That’s 99% of all properties under contract. Twenty-seven were REOs (.30%) and 18 were short sales (.73%). So, the majority of the properties under contract were traditional sales. The buyers are saying, “We want normalcy!” But this might be normal.
Now, let’s compare this to November 9th, 2022. There were only 1,826 homes under contract back then. That’s almost a 40% increase in homes under contract. That’s a fairly significant increase in a relatively short amount of time. People may start seeing the light at the end of the tunnel. What do you think? Is this a blip? I’m not saying it is or it isn’t.
Median Home Price
The median home price in Las Vegas Valley is still $425,000.
Here’s What I Feel
The market is still holding its own. It’s like a game of tug-of-war between buyers and sellers. Who will come out on top? Only time will tell. But as always, if you want to take a deeper look into whether or not now is the time to purchase a piece of real estate, I’m here to help. Stay tuned for more updates!
Also Read: Important Things To Know Before Buying A New Home Or Condo