Realty One Group - Shannon Smith Group

702.809.0203

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October 2024

Hi,

As we step into mid-October, the Vegas market continues to shift. Here’s a look at the current trends that are shaping our market:

  • Inventory Growth: Since my September newsletter, we’ve seen a steady 7% increase in available inventory. While this rise offers more choices for buyers, it also suggests that sellers may need to be more strategic in their pricing and presentation.
  • Days on Market: Homes are still moving relatively quickly, with the median days on the market holding steady at 21 days. This means well-priced homes are still in demand, though some properties are staying on the market longer, depending on location and price point.
  • Price-to-List Disparity: On average, the gap between list price and final sale price is just 1%, but this statistic doesn’t tell the whole story. Some homes are selling above list price, while others close for significantly less. It’s important to remember that this figure doesn’t account for list price adjustments made before offers are accepted, which can make it tricky to gauge.
  • Fresh Listings: Of all the homes currently on the market, 37% (2046 homes) have been listed for 30 days or less. This highlights that there’s still strong buyer interest, particularly for newly listed homes that are priced correctly and in good condition.

The steady increase in inventory provides more options for buyers, but sellers need to be mindful of competitive pricing to attract the right offers. With homes generally moving off the market within three weeks and a minimal price-to-list disparity, those who make timely, well-informed decisions are more likely to succeed.

 

Las Vegas Market Snap Shot
TOTAL PROPERTIES AVAILABLE
Single-family: 5,500
Condo/ Townhomes: 1,804
High Rise Units: 507
Multi-Family, 2-4 Units:  76
Manufactured Homes: 100
TOTAL PROPERTIES IN ESCROW
Single-family: 2,114
Condo/ Townhomes: 540
High Rise Units:  58
Multi-Family: 2-4 
Units:  32
Manufactured Homes: 32
PROPERTIES SOLD IN SEPTEMBER
Single-family: 1,717
Condo/ Townhomes: 470
High Rise Units:  42
Multi-Family, 2-4 
Units:  19
Manufactured Homes: 24
MEDIAN SALES PRICE FOR SEPTEMBER
Single-family: $482,000
Condo/ Townhomes: $304,000
High Rise Units: $373,750
Multi-Family, 2-4 
Units:  $512,500
Manufactured Homes: $235,635
MEDIAN SOLD DOLLAR PER SQFT FOR SEPTEMBER
Single-family: $260 per sqft
Condo/  Townhomes: $242 per sqft
High Rise Units:  $434 per sqft
Multi-Family, 2-4 
Units:  $226 per sqft
Manufactured Homes: $163 per sqft
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