Las Vegas Market Update for December
Here are all the latest numbers for the Las Vegas real estate market.
This is your real estate market update for the Las Vegas area, and we have a lot to talk about. It’s the holiday season, and what better way to end the year than with an update on the real estate market? There are a couple of things we are noting as we close out the year.
1.Demand is still low. We had 1903 closings in the greater Las Vegas area last month. That’s on track with the height of the pandemic, when everything was closed, which should tell you everything you need to know about how slow the market is right now. Over the last eight months, under-contract units have gone down, new escrows added in the month have gone down, and closings have gone down. Finally, days on market has doubled. It’s gone from 22 days to 43 days. That’s still not too bad from a seller’s perspective, but it’s quite a change from where we were.
2. Inventory is decreasing. We expected some of that with the holidays coming around, but it feels a little colder this year than in past seasons. It seems frustration with flat home sales and fewer buyers has stopped some sellers from bringing their homes to the market.
"There are a couple of things we are noting as we close out the year."
3. We’ll see unemployment and economic pain in 2023. After raising rates by half a point, Chairman Powell of the Federal Reserve said we could be in for a rocky road in the coming year, basically admitting that the Fed’s moves to combat inflation may cause a recession. When it begins, how severe it will be, and how long it will last are all still up in the air.
4. Prices are decreasing. The median price of a single-family home went from $445,000 in October to $435,500 in November, a decrease of between 2% and 3%. That’s a sizable decrease, and all signs point to continued declines over the next few months.
What does this mean for you? If you are a buyer, the ability to negotiate has returned to the market. We’re starting to see discounts on list prices, even on top of already reduced list prices. If you’re a seller, there are a lot of strategies and creative solutions that can still get you top dollar. If you’re thinking about buying or selling, please reach out to us. We’re here to help you.