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April 14, 2024Las Vegas Housing HEATWAVE: April 2024
Las Vegas Housing HEATWAVE: April 2024
Hey everyone, welcome back our April 2024 issue of our monthly market update for Southern Nevada!
Get ready to dive into the sizzling hot Las Vegas housing market with Rob and Ang. We’re breaking down the March 2024 numbers, and folks, it’s not cooling down yet! The sales are on the rise, median prices are escalating, and the market is buzzing with an influx of new listings! But, here’s the kicker—our months of supply and inventory are taking a hit, dwindling yet again.
What does this mean for you? With such limited inventory, we’re expecting median prices to keep surging unless more sellers jump into the game. So, if you’ve been on the fence about listing, it might be time to make your move!
And that’s not all. We’re also peeling back the curtain on Builder Incentives for new construction homes coming up in April 2024. You won’t want to miss these sweet deals. Plus, we’ll settle the score and reveal the winner of last month’s friendly wager between Rob and Ang. Trust me, you’ll want to hear about this one.
Buckle up for an electrifying episode that’s packed with thrills. This is one show you simply have to see!
MARKET TRENDS
There were 2,082 single-family houses that sold in March, up 9.8 from February, but down 11.8% from March 2023.
The median sales price of previously owned single-family homes, went from $460,000 to $465,000 in March, a $5,000 median price increase which is also up 1.1% from February and up 9.4% from March 2023.
So, from March 2023 to March 2024, we had a $40,000 median price increase in single-family homes.
In March 2024, the median price of previously owned single-family homes was at $465,000.
In March 2023, the median price of previously owned single-family homes was at $425,000.
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.
The peak of the Market was in May 2022 at $480,000 at this rate, we will surpass the peak of the market this year, in my opinion. As of now, we are only $15,000 off from the peak.
The median sales price of condos and townhomes for March went from $283,000 to $282,500, which is down .2% from February and up 8.7% from the prior year.
So, from March 2023 to March 2024, we also had a $22,500 median price increase in condos/townhomes.
In March 2023, the median price of condos and townhomes was at $260,000.
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.
LUXURY MARKET
There were 133 homes that sold in March for $1 million and over, compared to February’s 131 homes, 2 home increase.
The median sales price in the Luxury Market for March remained flat at $1,400,000.
MARKET TRENDS
So, for March we had a total of 2,724 new listings, which is up 7.5% from February and up 6.2% from the prior year.
There were also a total number of 3,323 single-family houses listed without offers in March, which is down 4.3% from the previous month and down 20.8% from the prior year.
MARKET TRENDS
Which brings us to the housing supply in Southern Nevada, last month we are at 1.6 months of inventory on the market, which is down 12.8% from February and down 10.2% from the prior year.
62.5% of the closings for the month March was on the market 30 days or less, in February this number was at 56.1% and in March 2023, 49.6% of the homes were on the market 30 days or less.
NEW BUILDER INCENTIVES
Century Communities is having their Opportunity Knocks Event. Take the next step in your homebuying journey with a 30-year fixed rate loan on select homes when financing with Century Communities affiliate lender, Inspire Home Loans. Get 5.25% interest rate for FHA and VH loans.
Rates available as of 4/3/2024. Loans rates are available only on the purchase of a Century Communities or Century Complete home that contracts and closes on or before 05/31/2024.
For a limited time opportunity, finance your new KB home through KBHS Home Loans and get a 5.875% 30-year fixed interest rate on a home that closes by 11/30/24.
Pulte is offering limited time special financing on a 30-year fixed rate at 5.25% interest rate on a Conventional Loan ONLY, with a minimum of 20% down for their quick move-in homes when you use their in-house lender. Offer available only on certain inventory homes that contract from now and close by 6/28/24.
Richmond American is offering special financing options— while funds last. Plus, an additional $5,000 in closing cost assistance is available with select homes that contract by 4/14/24. Must use their preferred lender, Home American Mortgage Corporation to take advantage of these special interest rates.
Fixed Rate Close by 6/28/24
5.50% 30-year FHA fixed rate w/ 3.5% down
5.50% 30-year VA fixed rate w/ $0 down
5.99% 30-year Conventional fixed rate w/ 10% down
Fixed Rate Close by 7/31/24
5.75% 30-year FHA fixed rate w/ 3.5% down
5.75% 30-year VA fixed rate w/ $0 down
6.25% 30-year Conventional fixed rate w/ 10% down
Taylor Morrison is offering a limited time fixed interest rate at 5.49% for a 30-year fixed mortgage on select quick move-in homes in the Las Vegas area.
Valid on new home contracts entered from now until 4/30/24 on all eligible Las Vegas area Quick Move-in Homes that close on or before 5/31/24 (“Promotion Period”).
Choose a beautiful new Toll Brothers quick move-in home now and qualify for a special 5.875% jumbo 5-year adjustable rate mortgage (ARM) offer through Toll Brothers Mortgage Company. This offer is subject to mortgage rate availability and is limited to select quick move-in homes eligible to close by July 31, 2024.
During Tri Pointe’s Unlock Opportunity event, turn your dream home into your new home—with limited-time savings you won’t want to miss.
VA 30-Year Fixed 2-1 Buydown with $0 Down Payment
During Tri Pointe’s limited-time event, take advantage of VA 30 year fixed 2-1 buydown financing on select move-in ready homes. Year 1 get 3.875% interest rate, Year 2 get 4.875% interest rate, and years 3-30 get 5.875% fixed 30-year interest rate. (Arrow Peak)
$25,000 in Design Studio Credit
During Tri Pointe Homes limited-time event, take advantage of up to $25,000 in Design Studio credit on select move-in ready homes. (Citrine)
To receive the incentive, you must enter into a purchase for an eligible homesite by 5/31/24 and close by 7/26/24. Incentive applied upon closing.
ROB & ANG BETS
MEDIAN SALES PRICE
Rob said $9,000 increase – $469k
Ang said $10,000 increase – $470k
Actual # $465,000, increased by $5,000
ROB won this one!
WITHOUT OFFERS
Rob said 3,500
Ang said 3,300
Actual # 3,323
ANG won this one!
MONTHS OF SUPPLY
Rob said 1.8 months
Ang said 1.7 months
Actual # 1.6 months
ANG won this one!
If you’re considering buying a home in the Las Vegas Valley, please don’t hesitate to reach out to me. I’ll get back to you personally and promptly. Thanks for visiting!
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Angela O’Hare
Favorite Las Vegas Realtor
Home Realty Center
Lic. #180246
702-370-5112
[email protected]
www.neighborhoodsinlasvegas.com
