Las Vegas Home Prices Lose All of 2022’s GAINS

Las Vegas Home Prices Lose All of 2022’s GAINS – Market Update January 2023

Welcome to the January 2023 issue of our monthly market update for Southern Nevada. In this issue we will be going over December 2022 numbers.

Las Vegas home prices lose all of 2022’s gains!

Market Trends

There were 1,534 single-family houses that sold in December, up .9% from November, but down 51.7% from December 2021.

The median sales price of previously owned single-family homes, went from $430,900 to $425,000, down 1.4% from November and flat from the prior year.

The median sales price of a previously owned single-family house has now dropped by $57,000 from a record-high $482,000 in May.

In January 2022, the median price of previously owned single-family homes was at $435,000.
In December 2021, the median price of previously owned single-family homes was at $425,000.
In December 2020, the median price of previously owned single-family homes was at $345,000.

The median sales price of condos and townhomes went from $260,000 in November to $246,950 in December, down 5% from November, but up 2% from the prior year.

In January 2022, the median price of condos and townhomes was at $243,000.
In December 2021, the median price of condos and townhomes was at $242,000.
In December 2020, the median price of condos and townhomes was at $186,000.

Luxury Market

There were 60 homes that sold in December for $1 million and over, compared to November’s 63 homes, 3 home decrease.

The median sales price in the Luxury Market for December increased to $1,512,500 and in November that number was $1,350,000. A $162,500 increase in the median sales price.

Market Trends

So, for December we had a total of 1,677 new listings, which is down 20% from November and down 23.6% from the prior year.

In December 2021, there were 2,196 new listings on the market. Which is a lot more listings on the market in 2021 than in 2022.

There were also a total number of 6,211 single-family houses listed without offers at the end of December, (In November that number was 7,342) which is down 15.4% from November, but up 175.9% from the prior year.

Market Trends

Which brings us to the housing supply in Southern Nevada, there are 4 months of inventory on the market, which is down 16.1% from November, but up 471.6% from the prior year. (Slide #3) 

40.8% of the closings for the month December was on the market 30 days or less, in November this number was at 75.1% and in December 2021 75.1% of the homes were on the market 30 days or less.

INTEREST RATES

The average rate on a 30-year home loan was 6.48 percent as of Thursday, up from 3.22 percent a year earlier, Freddie Mac reported.

NEW CONSTRUCTION

Amid the slowdown, builders have offered more incentives to buyers and higher commissions to agents who bring them in, real estate sources have said.

Last month, builders’ average base asking price in Southern Nevada was $581,531, down 4%, or almost $27,000, from May 2022.

Leading the pack was Taylor Morrison Home Corp., whose average base price of $527,382 last month was down 21%, or more than $136,000, from May 2022.

NEW BUILDER INCENTIVES – JANUARY 2023

Toll Brothers
Toll Brothers is still having their New Year New Home Sales Event – They are offering Limited-Time Incentives now through January 15,2023 on select homes and communities.

Get up to 3% Credit at Closing on In-Progress Homes and 50% off of up to $100,000 in Options on To-Be-Built Homes.

Pulte
On the Pulte’s website for their quick move-in homes, it states that there is special financing. But it doesn’t say what that financing is.

Richmond American Homes
For homes that close by 3/31/23, 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

You have to use their in-house lender.

Tri Pointe Homes
Tri Pointe Homes is 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 2-1 Buydown with the first-year interest rate of 3.875% (as well as other benefits on a brand-new home you can live in now.) on select Quick Move-In homes and when you use Tri Pointe lender.

Year 1 3.875% financing, year 2 4.875% financing, and years 3-30 5.875% financing.

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 $9,000 decrease
Ang said $10,000 decrease
Actual #5,900
Rob won this one!

WITHOUT OFFERS
Rob said 7,800
Ang said 7,500
Actual # 6,211
Ang won this one!

MONTHS OF SUPPLY
Rob said 5.1 months
Ang said 5 months
Actual # 4 months
Ang won this one!

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

December 2022 Market Update

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