New Data Hit The News Today
Hello everyone. Welcome to my real estate blog. My name is Lynn Stringer. I’m a passionate Las Vegas real estate broker with over 30 years in the industry. Today, I’m excited to share exciting info that hit the local news today in regard to recent stability amid market shifts. Let’s get into it.
Southern Nevada Housing Market Remains Stable
First off, in March 2023, the median sale price of homes in Southern Nevada was $425,000 for single-family homes. In regards to condos and townhomes, it was $260,000. As we move through 2023, the local housing market appears “remarkably stable.” Only time will tell. I do not like to hype.
In March, the median sale price of single-family homes remained nearly identical to February. In addition, from February, the median sale price of condos and townhomes rose by 2%. Compared to last year, our market underwent a significant shift, with the median price of single-family homes falling by nearly 8% from March 2022 and that of condos and townhomes by almost 4%. Interesting.
Signs Of A Market Bottom
Las Vegas Realtors president Lee Barrett recently said, “Our median home price hasn’t changed since December. Local home prices had previously declined by 1 or 2% per month. This may signify that we’re near the bottom of this cycle.” This could be an excellent opportunity for buyers waiting for the market to stabilize.
Sales Pace & Inventory
In March, 2,962 existing homes, condos, and townhomes were sold locally. This is a decrease from the same time in 2022. At the end of the month, over 4,000 listed single-family homes had no offers, and more than 1,000 condos and townhomes were also without offers, a substantial increase from last year.
The sales pace in March increased from February, leaving less than a two-month supply of properties available for sale. In comparison, Southern Nevada faced a housing shortage last year, with less than a one-month supply.
Distressed Sales & Property Values
Distressed sales, including short sales and foreclosures, remained historically low in March, accounting for less than 1% of all existing property sales. This is a positive sign for the overall health of the market.
In March, the total value of local real estate transactions was over $1.2 billion for homes and over $171 million for condos, high-rise condos, and townhomes. Compared to 2022, total sales values were down about 33% for houses. And 35% for condos and townhomes. The number of existing properties that sold locally within 60 days in March was also down compared to March 2022.
The Las Vegas Housing Market Is Showing Key Signs Of A Stabilization
Quick Las Vegas Real Estate Market Facts
- Median sale price of single-family homes in Southern Nevada in March: $425,000
- Median sale price of condos and townhomes in Southern Nevada in March: $260,000
- The median sale price of single-family homes down 8% from March 2022
- Median sale price of condos and townhomes down 4% from March 2022
- 2,962 existing homes, condos, and townhomes sold locally in March
- Over 4,000 listed single-family homes without offers at the end of March
- More than 1,000 condos and townhomes without offers at the end of March
- Less than a two-month supply of Las Vegas properties available for sale in March
- Distressed sales (short sales and foreclosures) accounted for less than 1% of all property sales in March
- Total value of local real estate transactions in March: $1.2 billion for homes, $171 million for condos and townhomes
- The number of existing properties sold locally within 60 days in March was down compared to March 2022
Q&A: Las Vegas Real Estate Market Insights
Q: Is the local market stable?
A: Since December or so, the median sale prices for both single-family homes and condos/townhomes in Southern Nevada have remained relatively stable. Obviously, the market is showing less fluctuation. Additionally, distressed sales remain historically low, indicating a healthier market overall.
Q: How does the Las Vegas market’s current supply and demand dynamics compare to the previous year?
A: At the end of March, less than a two-month supply of properties were available for sale. That is a significant increase compared to last year’s time when Southern Nevada faced a housing shortage with less than a one-month supply. Again, this can be deceiving. Why? Because things have recently swung in sellers’ favor yet again.
Q: Compared to a year ago, are homes selling more or less?
A: Good question. Compared to last year. The number of existing homes, condos, and townhomes sold in March decreased. Furthermore, the total value of local real estate transactions for homes, condos, and townhomes has declined compared to the previous year.
Q: What can we learn from the fact that there are more properties without offers at the end of March than last year?
A: This is a hard one to answer. Because right now, things are again in sellers’ favor. If you look at any significant indicators, Clark Country is considered a seller’s market again. Even if it’s just by a smidgen.
Q: Can you predict how the market will evolve in the coming months?
A: No. As a Realtor, I can’t predict markets. Also, it’s difficult to predict exact market trends. However, some experts believe the recent stability in median home prices could indicate that we are near the bottom of the current cycle. As the market shifts, buyers and sellers must stay informed and work with experienced professionals to navigate these changes successfully.
As A Seasoned Real Estate Broker…
I’m excited to see signs of stability in our local market. While shifts are still occurring, there’s an air of optimism and opportunity for both buyers and sellers. Are you looking to buy a property? If so, I’m here to guide you through the process. I will help you navigate the Las Vegas market and find the perfect home or investment opportunity. Thank you for taking the time to read the latest news regarding the market. Talk soon.
Also Read: Do I Need An Agent When Buying Real Estate In Las Vegas?