April Newsletter

Hi,

Have we come to an end of a cycle or just a blip?

Las Vegas was one of the first cities to experience the recent correction in the housing market. In May of 2022 we saw prices hit the all-time record high of $485K. We know the story, the Fed raised rates and prices gradually begin to fall.

Home prices decreased approximately 1 or 2% a month but haven’t changed much since December. March is the first month I’ve seen median prices go up. They went from $425K in February to $430K in March.

Is it possible that we may be among the first to come out of this recent slowdown or is this just a blip on the chart?

Prices have come down, while interest rates are higher, but they too have been on a downward trend. I’m seeing a lot of buyer activity and they’re happy.

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Las Vegas Market Snap Shot

TOTAL PROPERTIES AVAILABLE

Single family: 3,933
Condo/ Town homes: 1,115
High Rise Units: 333
Multi-Family, 2-4 Units: 43
Manufactured Homes: 63

TOTAL PROPERTIES IN ESCROW

Single family: 2,671
Condo/ Town homes: 706
High Rise Units: 86
Multi-Family: 2-4 Units: 27
Manufactured Homes: 50

PROPERTIES SOLD IN DECEMBER

Single family: 2,266
Condo/ Town homes: 580
High Rise Units: 64
Multi-Family, 2-4 Units: 17Manufactured Homes: 29

MEDIAN SALES PRICE FOR FEBRUARY

Single family: $430,000
Condo/ Town homes: $260,000
High Rise Units: $366,200
Multi-Family, 2-4 Units: $500,000
Manufactured Homes: $229,000

MEDIAN SOLD DOLLAR PER SQFT FOR FEBRUARY

Single family: $234 per sqft
Condo/ Town homes: $226 per sqft
High Rise Units: $443 per sqft
Multi-Family, 2-4 $174 per sqft
Manufactured Homes: $158 per sqft

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