July Update

189% is the amount inventory increased in 3 months since April (that’s a lot).

In the past 24 hours, 214 homes hit the market, 98 sold, and 132 homes went into escrow..

Let’s be clear, increased inventory is a GOOD THING. The housing market is sprinting to a better supply demand ratio were inventory is now equal to a 2-3 months’ supply of homes.

We’re witnessing a wild swing of the pendulum away from the seller’s market, now inching towards the middle equilibrium of a healthy real estate market.

Despite the news headlines of recession, inflation, interest rates blah blah blah, the housing market is shift is a good way. Buyers were never supposed to have to pay $50K above appraised value and bid against 20 other buyers.

It’s turning out to be a hot and interesting summer!

Las Vegas Market Snap Shot

TOTAL PROPERTIES AVAILABLE Single family: 6,270 Condo/ Town homes: 1,480 High Rise Units: 418 Multi-Family, 2-4 Units:  78 Manufactured Homes: 80 TOTAL PROPERTIES IN ESCROW Single family: 2,332 Condo/ Town homes: 730 High Rise Units:  98 Multi-Family: 2-4 Units:  53 Manufactured Homes: 50 PROPERTIES SOLD IN JUNE Single family: 2,553 Condo/ Town homes: 714 High Rise Units:  86 Multi-Family, 2-4 Units:  31 Manufactured Homes: 34 MEDIAN SALES PRICE FOR JUNE Single family: $485,000 Condo/ Town homes: $285,000 High Rise Units: $427,450 Multi-Family, 2-4 Units:  $550,000 Manufactured Homes: $224,250 MEDIAN SOLD DOLLAR PER SQFT FOR JUNE Single family: $264 per sqft Condo/  Town homes: $246 per sqft High Rise Units:  $400 per sqft Multi-Family, 2-4 Units:  $179 per sqft Manufactured Homes: $174 per sqft SEARCH FOR Short Sales Foreclosures Homes by Zip Code Homes by School Zone Homes by Community Single Story Homes High Rise Tower Name Condo/ Townhomes Luxury Homes $1M+ Multi Family Homes

THANK YOU FOR YOUR TRUST AND SUPPORT! If you’d like an update on how much your home is worth, I’d be happy to send you a list of comparables along with a complete market analysis. Just reply to the email or click below. WHAT’S MY HOME WORTH Have a great month, and please continue to refer your family and friends to me!!