A New Look At The Las Vegas Housing Market

Welcome back to LUXE BLOG! As promised, I’m here to provide you with an update on the Vegas Valley single family listings. In my previous Las Vegas real estate update, I discussed a significant 45% decrease in active single family home listings since October 2022. Today, we’ll dive into the latest stats to see how the market has evolved since then. I want everyone to keep in mind, that when stats were bad, I reported them. And while the market is FAR less of a seller’s market today than it was a year and a half ago, it is still pretty stable. And the data supports that.

The Stats

Here’s a comparison of the previous and newest weekly stats for your reference:

Week Of March 20th, 2023

ER: 4,449
SS: 11 (0.25%)
REO: 33 (0.51%)
TRAD: 4,405 (99.3%)

Newest Weekly Stats

Week Of March 27th, 2023

ER: 4,246
SS: 8 (0.22%)
REO: 30 (0.61%)
TRAD: 4,208 (99.2%)

Under Contract Properties

Let’s take a look at the number of properties under contract in the Las Vegas Valley:

Week Of March 20th, 2023

UCS/UCNS: 2,569
SS: 28 (.71%)
REO: 24 (.34%)
TRAD: 2,517 (99%)

Week Of March 27th, 2023

UGS/UCNS: 2,599
SS: 28 (.73%)
REO: 22 (0.30%)
TRAD: 2,549 (99%)

The Las Vegas Valley Stabilized Quite Nicely In Q1 Of 2023

Market Trends

Here are some interesting market trends to consider:

• Median Home Price: $424,995
• Price Reductions: 565
• 41.4% of homes sold under 30 days
• 19.9% of homes sold in 31-60 days
• 13.2% of homes sold 61-90 days

Why Do People Like Doom?

If you look on YouTube, there are entire genres of people who commiserate of impending crashes. In fact, there are PROFESSIONAL YouTubers making millions of dollars a year just to agitate people. Many times these YouTubers don’t even live in the city they make “doom content” for. It’s pretty hilarious. Another reason why so many people want a crash is so they can make MONEY. Smart investors LOVE crashes. So they hype them.

Am I Saying All Is Perfect?

Are you kidding? No. I am saying that the data here in the valley supports me saying this market has stabilized pretty well. I don’t know what the FED is going to do. Or what people in office will do. What I DO know is the Las Vegas real estate market. So if you want to learn it, I will teach it to you. Right now I am big on Stonebridge in Summerlin. That entire area of Summerlin West is exploding.

Wrapping Up

As the Las Vegas housing market continues to evolve, it’s important to stay informed on the latest trends and data. The market is still adjusting, but it’s crucial to remember that real estate is a long-term investment. Stay tuned to LUXE BLOG for more updates, and don’t hesitate to share this information with friends and family who may find it helpful.