r/VegasRealEstate

Spring season is usually what sets the tone for the year in the Las Vegas real estate market. After a strong start in March, we are seeing a retreat in the previous months gains across the board. For single family homes effective months of Inventory has gone up 12 percent, closings have gone down almost 8 percent, median price has dropped a smidge, as has average price. Although not a drastic change, the numbers are moving in a direction that indicates a weaker market for sellers. Smart money would be on a combination of Iran, gas prices, and interest rates. April is the first month where the Iran war would have been felt as March would have been when everyone was getting into contract or holding off.

If you are selling or considering selling, it’s not all doom and gloom. Single family homes selling in 30 days or less trended up to 56.8%. This is indicating that buyers are still searching for homes that are priced right and not requiring a ton of work.

Condos and townhouses did not follow the same trends and were a mixed bag with closings up, prices down, and effective months of inventory down. 

In terms of predictions, the wind has been taken out of the sails in this market for the moment. Paying attention to the war and the interest rates will be what guides the next momentum shifts. If none of that changes sales numbers will continue to slump and we’ll see the market stay mostly the same with some decreases come fall. If the war suddenly stops, gas flows, the new fed chair slashes rates and the bond market responds, it’s another market altogether. As of today, we are not there.

MARKET STATS

🏠 Median Single Family Home Price: $473,875
📉 Down from $480,000 a month ago (−1.3%)
📉 Down from $480,000 a year ago (−1.3%)

🏢 Median Condo/Townhome Price: $290,000
📉 Down from $295,000 a month ago (−1.7%)
📉 Down from $302,700 a year ago (−4.2%)

🆕 New Listings (Single Family): 3,588
📈 Up from 3,367 last month (+6.6%)
📉 Down from 3,663 last year (−2.0%)

🆕 New Listings (Condo/Townhome): 1,027
📈 Up from 1,011 last month (+1.6%)
📈 Up from 1,015 last year (+1.2%)

📦 Single Family Homes Without Offers: 6,689
📈 Up from 6,456 last month (+3.6%)
📈 Up from 6,213 last year (+7.7%)

📦 Condos/Townhomes Without Offers: 2,580
📈 Up from 2,568 last month (+0.5%)
📈 Up from 2,390 last year (+7.9%)

💰 Median Price of New Listings (Single Family): $525,000
➡️ Flat month over month (0.0%)
📉 Down from $534,900 last year (−1.9%)

📊 Median Price of Active Listings (Single Family): $564,235
📈 Up from $559,000 last month (+0.9%)
📉 Down from $567,000 last year (−0.5%)

📊 Median Price of Active Listings (Condo/Townhome): $274,900
➡️ Flat from $274,993 last month (0.0%)
📉 Down from $284,250 last year (−3.3%)

📈 Average Price of Units Sold (Single Family): $620,267
📉 Down from $625,673 last month (−0.9%)
📈 Up from $606,710 last year (+2.2%)

💸 Average Price of New Listings (Single Family): $744,749
📉 Down from $779,273 last month (−4.4%)
📉 Down from $747,680 last year (−0.4%)

⏳ Single Family Time on Market: 56.8% sold in 30 days or less
📈 Up from 54.5% last month
📉 Down from 60.3% a year ago

⏳ Condo/Townhome Time on Market: 49.2% sold in 30 days or less
📉 Down from 49.8% last month
📉 Down from 52.9% a year ago

📆 Effective Months of Availability (Single Family): 3.2 months
📈 Up from 2.8 months last month (+12.3%)
📈 Up from 2.9 months a year ago (+10.9%)

📆 Effective Months of Availability (Condo/Townhome): 4.8 months
📉 Down from 5.0 months last month (−2.4%)
📈 Up from 4.4 months a year ago (+10.2%)

Original Post Here

(Data provided by Applied Analysis, a partner of the Las Vegas Realtors Association)