Las Vegas Homes for Sale – Shocking News for April 2023

Las Vegas Homes for Sale – Shocking News for April 2023

Las Vegas Homes for Sale – Shocking News for April 2023! Welcome to the April 2023 issue of our monthly market update for Southern Nevada. In this issue we will be going over March 2023 numbers.

Southern Nevada homes sales surged again last month, but the overall market is still moving at a much slower pace than it did a year ago. This is signs that the Las Vegas Housing Market is a much more balanced market than it has been in recent years.

Market Trends

There were 2,361 single-family houses that sold in March, up 37.1% from February, but down 28.8% from March 2022.

The median sales price of previously owned single-family homes, went from $424,995 in February to $425,000 in March, which is relatively flat from the previous month, but down 7.6% from the prior year.

In March 2022, the median price of previously owned single-family homes was at $460,000.
In March 2021, the median price of previously owned single-family homes was at $363,000.
In March 2020, the median price of previously owned single-family homes was at $319,000.

The median sales price of condos and townhomes increased to $260,000, which is up 2% from February, but down 3.7% from the prior year.

In March 2022, the median price of condos and townhomes was at $270,000.
In March 2021, the median price of condos and townhomes was at $194,000.
In March 2020, the median price of condos and townhomes was at $185,500.

Luxury Market

There were 112 homes that sold in March for $1 million and over, compared to February’s 72 homes, 40 home increase.

The median sales price in the Luxury Market for March increased to $1,378,000 and in February that number was $1,345,193. A $32,807 increase in the median sales price.

Market Trends

So, for March we had a total of 2,565 new listings, which is up 14.4% from February, but down 27.3% from the prior year.

In March 2022, there were 3,526 new listings on the market. Which is 961 more listings on the market in 2022 than in 2023.

There were also a total number of 4,196 single-family houses listed without offers at the end of March, (In February that number was 4,665) which is down 10.1% from the previous month, but up 109.30% from the prior year.

Market Trends

Which brings us to the housing supply in Southern Nevada, last month we were at 2.7 months of inventory on the market, this month we are at 1.8 months of inventory on the market, which is down 34.4% from February, but up 190% from the prior year.

49.6% of the closings for the month March was on the market 30 days or less, in February this number was at 41.1% and in March 2022 82.8% of the homes were on the market 30 days or less.

NEW CONSTRUCTION

On the construction side, builders logged 874 net home sales — newly signed purchase contracts minus cancellations — in Southern Nevada in February, up 32% month to month, according to Las Vegas-based Home Builders Research.

However, sales were still down 23% from February 2022. Builders’ “consistent” price drops during the second half of last year “have mostly stopped, and many builders are beginning to slowly increase them once again,” Home Builders Research President Andrew Smith wrote in a report last month.

He noted that builders’ sales incentives and a now-sliding inventory on the resale market have helped draw buyers to new subdivisions. But people who want a newly built house have fewer places to shop than they did last year.

NEW BUILDER INCENTIVES – April 2023

Taylor Morrison
Enjoy lower payments for the first three years with limited-time finance savings on select move-in ready 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.

Toll Brothers
Get 3.99% First Year Rate on a 30-year fixed rate with 2/1 Buydown program for a limited time only on select move-in ready homes, when you use their in-house lender. So, for the first year your interest rate would be 3.99%, second year get 4.99% and years 3-30 get 5.99% interest rate.

Pulte
Pulte is offering special financing on a 30-year fixed rate at 4.99% for their quick move-in homes when you use their in-house lender. Offer available only on certain inventory homes that contract after 03/31/23 and close by 05/31/23. Must put 20% down and have a FICO score of 780 or higher and a debt-to-income ratio of 40% or less for primary residence.

Richmond American Homes
For homes that close by 6/30/23, enjoy a:
4.875% (5.916% APR) 30-year FHA fixed rate
4.875% (5.176% APR) 30-year VA fixed rate
5.375% (6.102% APR) 30-year Conventional fixed rate

Loan promotions are valid for buyers who contract with Richmond American Homes on or after March 16, 2023, and close on or before June 30, 2023, when financing is provided by HomeAmerican Mortgage Corporation.

Tri Pointe Homes
Enjoy significant savings on select move-in ready homes by locking in limited-time, below-market Conventional 30 Year Fixed 3-2-1 Buydown Financing with a first-year interest rate of 3.5% as well as other benefits on a brand new home you can live in now.

For year 1 get 3.5% interest rate, for year 2 get 4.5% interest rate, for year 3 get 5.5% interest rate and from year 4-30 get 6.5% interest rate.

To receive the incentive, you must enter into a purchase for an eligible homesite by 3/22/23 to 4/30/23 and close by 5/31/23. Must put 20% down and have a FICO score of 740 or higher for primary residence.

Two months ago, you got a better deal buying a move-in ready home with Tri Pointe:
Year 1 2.99% financing, year 2 3.99% financing, year 3 4.99% financing and years 4-30 5.99% interest rate.

KB Homes
KB Homes is providing a special low interest 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 4.99% (5.333% APR) for up to 270 days.

ROB & ANG BETS
MEDIAN SALES PRICE
Rob said $1,000 decrease
Ang said $1,000 increase
Actual # $5 increase
Ang won this one!

WITHOUT OFFERS
Rob said 3,999
Ang said 4,000
Actual # 4,196
Ang won this one!

MONTHS OF SUPPLY
Rob said 2.5 months
Ang said 2.6 months
Actual # 1.8 months
Rob won this one!

Las Vegas Realtor Report: http://bit.ly/3KkkeAS

March 2023 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