Realty One Group - Shannon Smith Group

702.809.0203

Sprite Icon instagram

November Update

Hi,

Judging by the buzz on the streets and media outlets, I’d think the housing market was doing worse than what the actual numbers suggest. It’s possible the current statistics are a warning sign, but on average, properties values haven’t declined much since August.

In August the median Single-family home was $450K
In October it was $445K

What is declining is the number of properties sold and in escrow. Less buyers force sellers to compete for the shrunken buyer pool encouraging them to reduce the list price. 

The number of available homes for sale has remained steady over the past few months. Inventory has increased since the summer months, but we haven’t seen an influx of homes for sale. To many homes for sale would contribute to price reductions and plummeting values.

If interest rates increase further, we can expect to see a further decline in home prices. Even if they stay the same, we can expect prices to continue to drop until we find an equilibrium. 

Housing affordability is driven by many factors, but the two key inputs are home prices and interest rates. If interest rates are too high, home prices have to come down.




Las Vegas Market Snap Shot
TOTAL PROPERTIES AVAILABLE
Single family: 7,803
Condo/ Town homes: 1,784
High Rise Units: 442
Multi-Family, 2-4 Units: 81
Manufactured Homes: 106
TOTAL PROPERTIES IN ESCROW
Single family:  1,803
Condo/ Town homes: 480
High Rise Units: 57
Multi-Family: 2-4 Units: 35

Manufactured Homes: 41
PROPERTIES SOLD IN AUGUST
Single family: 1,641
Condo/ Town homes: 454
High Rise Units: 57
Multi-Family, 2-4 Units: 26
Manufactured Homes: 15
MEDIAN SALES PRICE FOR October
Single family: $445,000
Condo/ Town homes: $266,000
High Rise Units: $330,000
Multi-Family, 2-4 Units: $518,0000

Manufactured Homes: $200,000
MEDIAN SOLD DOLLAR PER SQFT FOR October
Single family: $245 per sqft
Condo/  Town homes: $231 per sqft
High Rise Units:  $480 per sqft
Multi-Family, 2-4 
Units:  $187 per sqft
Manufactured Homes: $174 per sqft
SEARCH FOR

WHAT IS MY HOME WORTH?

Selling your home?
We’re here to help you price it right – get a comparative market analysis today.

Required fields are marked *