The Latest Numbers From Our Market

What are the latest statistics for our Las Vegas market from last October?

• There were 3,161 closed sales, which is a 10% increase compared to the 2,807 closed sales we saw the previous month.
• The average sale price also rose from September to October, going from $312,000 to $319,000.
• 4,601 total properties came on the market.
• 3,073 properties went under escrow.
• There were 8,683 total properties for sale.

What do these numbers mean? When you add them up, it means we have about 2.7 months’ worth of inventory (or how long it would take for existing inventory to sell out if no new homes came on the market). This is a larger inventory than what we had during the summer when there were more buyers out and about.

Part of the reason for our decline in buyers is the continual rise of interest rates. Right now, for a 30-year APR, they’re sitting at 5.25%. Another reason there aren’t as many buyers out there is because our market is cyclical. Real estate’s been appreciating in our Las Vegas market for the past six or seven years, and it’s only a matter of time before we see a slowdown or a market adjustment in some areas of the Valley.

If you’re looking to buy a home, keep an eye out right now for great deals from new home builders. They have standing inventory during this time of year, and they’re offering additional incentives for agents to bring them clients.

Whether you’re buying or selling or you have any other questions about our Las Vegas market, feel free to reach out to me. I’d love to speak to you.