Las Vegas Real Estate Market Nov 2022
Let’s go over the recently-released statistics for the Las Vegas market.
If you’re thinking about buying or selling real estate in the next year, you should see this. The latest real estate numbers for the Las Vegas market have come in, so we’re going over what has been happening in our market and what this data indicates for the future.
First, the total number of closed units in October was just under 2,100. It hasn't been that low for a while. Just last month, we reported nearly 2,500 closed units, so that number is down by 20% in just 30 days and by almost 50% in a year. Closed units haven’t been this low since the first month of the pandemic in May 2020 when we recorded 1,999 closed units.
"We can help you strategize so that you are ready when the market moves in your direction."
One factor may be that sellers are stuck to their prices today and seem to be unwilling to bring those prices down to match where the market is. Therefore, they’re having trouble because buyers are unable to purchase at those prices with the current interest rate.
The main thing causing this current stalemate is the higher interest rates, which are now around 7%. That's significantly different than where they were just a few months ago, which has caused a shift in the market. This slowdown doesn't look like it will ease up unless sellers start to back off their prices or rates start to come down.
What does all this mean for you? If you're thinking about buying a property, we have ways to help you solve the interest rate problem, and we can help you strategize so that you are ready when the market moves in your direction. If you're thinking about selling, we also have creative solutions to help you get your house sold when others aren't selling.
If you have any questions, don’t hesitate to reach out to us by phone or email. We look forward to hearing from you.