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.
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.
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.
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.
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.
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
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 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 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 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!
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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