February 2023 Las Vegas Real Estate Market Update

February 2023 Las Vegas Real Estate Market Update

Welcome to the February 2023 issue of our monthly market update for Southern Nevada. In this issue we will be going over January 2023 numbers.

Market Trends
There were 1,325 single-family houses that sold in January, down 13.6% from December and down 48.3% from January 2022.

The median sales price of previously owned single-family homes, went from remained the same at $425,000, flat from December, but down 2.3% from the prior year.

In January 2022, the median price of previously owned single-family homes was at $435,000.
In January 2021, the median price of previously owned single-family homes was at $345,000.
In January 2020, the median price of previously owned single-family homes was at $305,000.

The median sales price of condos and townhomes went from $246,950 in December to $255,000 in January, up 3.3% from December and up 4.9% from the prior year.

In January 2022, the median price of condos and townhomes was at $243,000.
In January 2021, the median price of condos and townhomes was at $193,000.
In January 2020, the median price of condos and townhomes was at $175,000.

Luxury Market
There were 70 homes that sold in January for $1 million and over, compared to December’s 60 homes, 10 home increase.

The median sales price in the Luxury Market for January increased to $1,575,000 and in December that number was $1,512,500. A $62,500 increase in the median sales price.

Market Trends
So, for January we had a total of 2,477 new listings, which is up 47.7% from December, but down 14.6% from the prior year.

In January 2022, there were 2,900 new listings on the market. Which is a lot more listings on the market in 2022 than in 2023.

There were also a total number of 5,450 single-family houses listed without offers at the end of January, (In December that number was 6,211) which is down 12.3% from December, but up 199.3% from the prior year.

Market Trends
Which brings us to the housing supply in Southern Nevada, there are 4.1 months of inventory on the market, which is up 1.6% from December and up 478.5% from the prior year.

38.5% of the closings for the month January was on the market 30 days or less, in December this number was at 40.8% and in January 2022 71.3% of the homes were on the market 30 days or less.

INTEREST RATES
Mortgage rates are still well above year-ago levels but have ticked lower recently. The average rate on a 30-year home loan was 6.09% as of last week, up from 3.55% a year earlier, mortgage buyer Freddie Mac reported.

NEW BUILDER INCENTIVES
Taylor Morrison
Enjoy lower payments for the first three years with limited-time finance savings on select homes, when you use Taylor Morrison’s in house lender. For year 1 get 2.49% interest rate, for year 2 get 3.49% interest rate, for year 3 get 4.49% interest rate and from year 4-30 get 5.49% interest rate.

Plus, ask about Taylor Morrison incentives on select quick move-in homes. As well as their incentives when building your to-be-built dream home.

Toll Brothers
Toll Brothers is still having their National Sales Event from February 11 – 26 with limited time incentives.

Get up to 1% permanent interest rate reduction and 110-day rate lock on select quick move-in homes, when you use Toll Brothers in house lender.

Pulte
Pulte is offering special financing on a 30-year fixed rate at 4.25% for their quick move-in homes when you use their in-house lender. Offer available only on certain inventory homes that contract after 01/10/23 and close by 03/31/23.

Richmond American Homes
With Richmond American make your move this season without worrying about the mortgage market.

For homes that close by 4/28/23, enjoy a:
4.875% (5.916% APR) 30-year FHA fixed rate
4.875% (5.176% APR) 30-year VA fixed rate
5.500% (6.102% APR) 30-year Conventional fixed rate

Offers are valid when you use their in-house lender.

Tri Pointe Homes
Tri Pointe Homes is still having the NEW YEAR NEW HOME EVENT. Special pricing and financing on select move-in ready homes.  During the New Year New Home Event take advantage of a limited-time below market Conventional 30 year Fixed 3-2-1 Buy down with the first-year interest rate of 2.99% (as well as other benefits on a brand-new home you can live in now.) when you use Tri Pointe lender.

Year 1 2.99% financing, year 2 3.99% financing, year 3 4.99% financing and years 4-30 5.99% interest rate.

The Tri Pointe Homes Design Consultants have carefully selected all the finishes on these under construction and move-in ready homes so your beautiful dream home awaits.

KB Homes
KB Homes is providing a special low rate to help make your dream of owning a reality. This limited-time opportunity can make all the difference for your purchase. Finance your new KB home through KBHS Home Loans and lock in a rate of 4.990% (5.333% APR) for up to 270 days.

ROB & ANG BETS
MEDIAN SALES PRICE
Rob said $7,000 decrease
Ang said $6,000 decrease
Actual # ZERO
Ang won this one!

WITHOUT OFFERS
Rob said 7,000
Ang said 6,500
Actual # 5,450
Ang won this one!

MONTHS OF SUPPLY
Rob said 4.7 months
Ang said 4.2 months
Actual # 4.1 months
Ang won this one!

YAY ANG WON ALL 3 BETS!!!!!!

Las Vegas Realtors Report: http://bit.ly/3JOe4KH

Also, if you are thinking about buying or selling in the Las Vegas Valley, CLICK HERE or you can call me at 702-370-5112.

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Angela O’Hare
Favorite Las Vegas Realtor
Home Realty Center
Lic. #180246
702-370-5112
[email protected]
www.neighborhoodsinlasvegas.com