April Update

Will higher interest rates help tame the rising home prices we’ve been experiencing? The Fed definitely hopes so! Raising interest rates helps slow down the economy by making borrowing more expensive. In turn, traditional home buyers, investors and businesses pause on making investments, which leads to reduced economic demand and theoretically reels in prices.We never know what someone’s motivation is to buy a home. Some buyers will not have the ability to bid a higher price when the cost of financing their home has risen. So yes, this will remove some buyers from the market. On the other hand, for some buyers and investors, at the higher end of the market the impact will be minimal. A large percentage of these buyers are either paying cash or purchasing with large down payments.

Until we see inventory increase, we will continue to see price growth. Demand is extremely high and it won’t be until buyers aren’t fighting over the limited available homes before prices begin to stabilize.

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Las Vegas Market Snap Shot

TOTAL PROPERTIES AVAILABLE

Single family: 2,169
Condo/ Town homes: 513
High Rise Units: 282
Multi-Family, 2-4 Units: 36
Manufactured Homes: 41

TOTAL PROPERTIES IN ESCROW

Single family: 3,508
Condo/ Town homes: 901
High Rise Units: 148
Multi-Family: 2-4 Units: 68
Manufactured Homes: 64

PROPERTIES SOLD IN MARCH

Single family: 3,104
Condo/ Town homes: 890
High Rise Units: 128
Multi-Family, 2-4 Units: 39
Manufactured Homes: 37

MEDIAN SALES PRICE FOR MARCH

Single family: $465,000
Condo/ Town homes: $275,000
High Rise Units: $440,000
Multi-Family, 2-4 Units: $525,000
Manufactured Homes: $210,000

MEDIAN SOLD DOLLAR PER SQFT FOR MARCH

Single family: $251 per sqft
Condo/ Town homes: $232 per sqft
High Rise Units: $407 per sqft
Multi-Family, 2-4 Units: $156 per sqft
Manufactured Homes: $149 per sqft