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December 17, 2023Las Vegas Housing Market Update – December 2023
Las Vegas Housing Market Update – December 2023
DECEMBER 2023: Welcome to the December 2023 issue of our monthly market update for Southern Nevada. In this issue we will be going over November 2023 numbers.
Las Vegas remains a top destination nationwide for people looking to relocate, and Los Angeles is the prime city they are moving from, according to Redfin, an online real estate brokerage.
The Las Vegas Valley ranked second in the nation for people relocating from other states, behind Sacramento, which topped the list with approximately 5,000 residents added in October.
The valley added around 4,000 residents to its population during that month, ahead of Orlando, Florida, and Myrtle Beach, South Carolina, which added 3,700 each.
Market Trends
There were 1,435 single-family houses that sold in November, down 15.5% from October and down 5.7 % from November 2022.
The median sales price of previously owned single-family homes, remained the same at $450,000 for November, which is up 4.4% from the prior year.
In November 2022, the median price of previously owned single-family homes was at $430,990.
In November 2021, the median price of previously owned single-family homes was at $420,000.
In November 2020, the median price of previously owned single-family homes was at $345,000.
MEDIAN PRICE:
June 2023: $440,990
July 2023: $450,000
August 2023: $447,435
September 2023: $450,000
October 2023: $450,000
November 2023: $450,000
The median sales price of condos and townhomes for November was $275,000, which is down .2% from October, but up 5.8% from the prior year.
In November 2022, the median price of condos and townhomes was at $260,000.
In November 2021, the median price of condos and townhomes was at $240,000.
In November 2020, the median price of condos and townhomes was at $199,700.
Luxury Market
There were 88 homes that sold in November for $1 million and over, compared to October’s 96 homes, 8 home decrease.
The median sales price in the Luxury Market for November increased to $1,416,288 and in October that number was $1,300,000. A $116,288 increase in the median sales price.
There was a $25 million dollar house that sold in Spanish Trail last month. It was only on the market for 9 days and sold at list price!! The house was ginormous at 107,597 sq. ft. in 10 buildings with 25 bedrooms, 46 bathrooms, 9 dens, 1 loft and a 16 car-garage on over 15 acres. The main house was at 37,466 sq. ft., and there’s fitness center that spans at 47,367 sq. ft. featuring a badminton court, squash court, spa, indoor pool, bowling alley, nightclub, guest suite, and 10 bathrooms. This home also had a two guest houses and casitas. Outside there are 3 pools, tennis court and garden terraces.
Market Trends
So, for November we had a total of 1,969 new listings, which is down 15.6% from October and down 6.1% from the prior year.
There were also a total number of 4,353 single-family houses listed without offers at the end of November, which is up 3.3% from the previous month, but down 40.7% from the prior year.
November 2022 there were 7,342 single-family homes listed without offers.
Market Trends
Which brings us to the housing supply in Southern Nevada, last month we are at 3 months of inventory on the market, which is up 22.3% from October, but down 37.2% from the prior year.
November 2022 there were 4.8 months of inventory on the market.
65.5% of the closings for the month November was on the market 30 days or less, in October this number was at 67.2% and in November 2022 47% of the homes were on the market 30 days or less.
NEW BUILDER INCENTIVES – DECEMBER 2023
If you are thinking about buying a new construction home in Las Vegas, now more than ever is the BEST time to buy. Especially since we are now in the 4th quarter and sellers are trying to make year-end numbers. I said this last year and I am saying it again! Take advantage of the builder’s lower interest rates and other incentives they are offering, while the funds last.
Save BIG on a home in the Las Vegas area this winter so you can start making memories in your new Taylor Morrison home. 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 3.99% interest rate, for year 2 get 4.99% interest rate, for years 3-30 get 5.99% 30-year fixed interest rate on Conventional Loans ONLY, with a minimum of 20% down and a 760 FICO score.
Valid on select eligible new home contract entered as of 12/1 – 12/31 on all eligible Las Vegas area Quick Move-in Homes (each, an “Eligible Home”) that close on or before 1/31/24.
For a limited time only and subject to mortgage rate availability, Toll Brothers is offering a special 4.99% First Year interest rate on a 30 year-fixed with 2/1 Buydown Program on limited select quick move-in homes eligible to close by 1/16/24.
For year 1 get 4.99% interest rate, for year 2 get 5.99% interest rate, for years 3-30 get 6.99% 30-year fixed interest rate on Conventional Loans ONLY, with a minimum of 20% down.
Pulte is offering limited time special interest rate offer on a 30-year fixed rate at 4.99% 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 after 11/30/23 and close by 2/28/24.
Richmond American is offering 4 different financing options. Take advantage of these rates—while funds last! Must go under contract from now until 12/10 and must close by 12/29/23.
OPTION 1 – Adjustable Rate
4.875% 30-year FHA 5/1 ARM w/ 3.5% down
4.875% 30-year VA 5/1 ARM w/ $0 down
4.99% 30-year Conventional 7/6 ARM w/ 10% down
OPTION 2 – Fixed Rate
5.75% 30-year FHA fixed rate w/ 3.5% down
5.75% 30-year VA fixed rate w/ $0 down
5.99% 30-year Conventional fixed rate w/ 10% down
Must go under contract from now until 12/10 and must close by 1/31/24.
OPTION 3 – 5/1 ARM Adjustable Rate
4.875% 30-year FHA 5/1 ARM w/ 3.5% down
4.875% 30-year VA 5/1 ARM w/ $0 down
5.375% 30-year Conventional 7/6 ARM w/ 10% down
Must go under contract from now until 12/10 and must close by 1/31/24.
OPTION 4 – Fixed Rate
5.875% 30-year FHA fixed rate w/ 3.5% down
5.875% 30-year VA fixed rate w/ $0 down
6.375% 30-year Conventional fixed rate w/ 10% down
Must use their preferred lender, Home American Mortgage Corporation to take advantage of these special interest rates.
Tri Pointe Homes is having their Pointe the Way Celebration Event. During this event, you have the option to choose what works best for you on select Tri Pointe Homes Communities.
- $20,000 Design Studio Credit – During the Pointe the Way Celebration, you have the opportunity to take advantage of up to 3% of the base purchase price in closing cost credit, plus $20,000 in Design Studio credit. To receive the incentive, you must enter into a purchase for an eligible homesite by 1/30/24 and close by 6/28/24. (Citrine)
- 30 year Conventional Fixed 2-1 Buydown plus $10,000 Design Studio Credit – you will receive a mortgage rate lock and buydown incentive plus $10,000 Design Studio Credit on select neighborhoods and homesites. With a conventional 30 year fixed 2-1 buydown you have the benefit of a lower interest rate your first 2 years. For year 1 get 5.75% interest rate, for year 2 get 6.75% interest rate, for years 3-30 get 7.75% 30-year fixed interest rate. To receive the incentive, you must enter into a purchase for an eligible homesite by 12/30/23 and close by 5/30/24. Incentive applied upon closing. (Azure Park, Arrow Peak)
- 30 Year Conventional Fixed 2-1 Buydown – you will receive a mortgage rate lock and buydown incentive on select neighborhoods and homesites. With a conventional 30 year fixed 2-1 buydown you have the benefit of a lower interest rate your first 2 years. For year 1 get 5.75% interest rate, for year 2 get 6.75% interest rate, for years 3-30 get 7.75% 30-year fixed interest rate. To receive the incentive, you must enter into a purchase for an eligible homesite by 12/30/23 and close by 5/30/24. Incentive applied upon closing. (Arden, Capri, Highview, Tempo, Vela, Vertex)
Century Communities is having their DON’T.MISS.OUT savings event when you use Century Communities in house lender, Inspire Home Loans. They have different loan options.
OPTION 1 – 2/1 Buydown Loan
For year 1 get 3.5% interest rate, for year 2 get 4.5% interest rate, for years 3-30 get 5.5% 30-year fixed interest rate on a FHA or VA Loan ONLY.
OPTION 2 – Fixed Rate
Get 5.5% 30-year interest rate on a FHA or VA Loan and 5.875% 30-year interest rate on a Conventional Loan.
FHA or VA loan rates are available only on the purchase of a qualifying Century Communities or Century Complete home that closes on or before 12/22/2023. Conventional loan rates are available only on the purchase of a qualifying Century Communities or Century Complete home that contract and closes on or before 12/29/2023.
Lennar Homes
Lennar is slashing prices and offering great incentives, they have extended their Special Financing and giving buyers 2 different financing options. Option 1: 5.99% 30-year fixed interest rate with $10,000 towards closing costs for FHA & VA Loans. Option 2: 7/6 ARM, get 4.99% interest rate with $10,000 towards closing costs for Conventional Loans.
For a limited time opportunity, finance your new KB home through KBHS Home Loans and get a 5.875% 7/6 Adjustable Rate Mortgage (ARM) on a move-in ready homes that closes by 1/31/24. Or get a 6.75% 30-Year Fixed interest rate on a move-in ready home that closes by 1/31/24. Must go under contract from now until 1/8/24 in order to close by 1/31/24.
When you build from ground up get a 6.75% 30-Year Fixed interest rate on a personalized home must go under contract from now until 1/8/24 and closes by 8/5/24.
ROB & ANG BETS
MEDIAN SALES PRICE
Rob said $1,500 decrease
Ang said $1,000 decrease
Actual # FLAT
Ang won this one!
WITHOUT OFFERS
Rob said 4,401
Ang said 4,400
Actual # 4,353
Ang won this one!
MONTHS OF SUPPLY
Rob said 2.7 months
Ang said 2.6 months
Actual # 3 months
Rob 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
