Las Vegas Housing Market Update – June 2023

Las Vegas Housing Market Update – June 2023

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

Market Trends

There were 2,316 single-family houses that sold in May, up 18% from April, but down 20.3% from May 2022.

The median sales price of previously owned single-family homes, went from $430,000 in April to $442,120 in May, which is up 2.8% from the prior month, but down 8.3% from the prior year.

In May 2022, the median price of previously owned single-family homes was at $482,000.
In May 2021, the median price of previously owned single-family homes was at $385,000.
In May 2020, the median price of previously owned single-family homes was at $315,000.

• We hit the peak of the Market in May 2022 (which is the highest selling month) at $482,000. That is now a $39,880 loss since last year.
• (OLD PREDICITON) I predicted, once we get May 2023 numbers that the difference between May 2022 to May 2023 will be under $50,000.
• Also, we have been relatively stable since December 2022 and I feel we have hit the bottom and from here on we are going to be in a traditional market that we have been seeing over the last decade with the median price slightly going up month over month, unless we get more inventory.

The median sales price of condos and townhomes increased from $270,000 in April to $275,000 in May, which is up 1.9% from the prior month, but down 3.5% from the prior year.

In May 2022, the median price of condos and townhomes was at $285,000.
In May 2021, the median price of condos and townhomes was at $205,000.
In May 2020, the median price of condos and townhomes was at $185,000.

Luxury Market

There were 131 homes that sold in May for $1 million and over, compared to April 109 homes, 22 home increase.

The median sales price in the Luxury Market for May increased to $1,515,000 and in April that number was $1,375,000. A $140,000 increase in the median sales price.

Market Trends

So, for May we had a total of 2,604 new listings, which is up 6.2% from April, but down 35.4% from the prior year.

In May 2022, there were 4,033 new listings on the market. Which is 1,429 more listings on the market in 2022 than in 2023.

There were also a total number of 3,645 single-family houses listed without offers at the end of May, (In April that number was 3,737) which is down 2.5% from the previous month, but up 2.1% from the prior year.

This is telling me a couple of things:

1. The sellers are not out to play.
2. The have low interest rates on their home and don’t need to sell. They either bought their home recently at a low interest rate or the refinanced when the rates were low.
3. The sellers that I am seeing have to sell b/c they either had family issues and/or moving out of state.
4. With low inventory, and the demand is picking back up – the median price will continue to increase
5. Multiple offers are back
6. With limited inventory on the resale side, buyers are looking at new construction homes

Market Trends

Which brings us to the housing supply in Southern Nevada, last month we were at 1.9 months of inventory on the market, this month we are at 1.6 months of inventory on the market, which is down 17.4% from April, but up 28.2% from the prior year.

60.6% of the closings for the month May was on the market 30 days or less, in April this number was at 53.6% and in May 2022 88.6% of the homes were on the market 30 days or less.

This is telling me that homes are now starting to sell faster in 30 days or less, but not like we were last year.

NEW BUILDER INCENTIVES
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.

This is on new home contracts entered as of 5/30/23 to 6/30/23 on all eligible Las Vegas area Quick Move-in Homes (each, an “Eligible Home”) that close on or before 7/31/23 (“Promotion Period”).

At closing, Seller agrees to pay up to 3% of Total Purchase Price (as set forth on the Closing Disclosure) towards seller paid Temporary Buydown Fund, discount points, up to one year HOA dues, closing costs and/or pre-paids.

Toll Brothers
Toll Brothers is having their National Sales Event from June 3 to 18 with limited time incentives for savings on move-in ready homes, homes nearing completion, and home designs ready to be built for them.

Offer, if any, is valid for new buyers who purchase a home in a participating community and deposit between 6/3/23 and 6/18/23, sign an agreement of sale, and close on the home. Offers, incentives, and seller contributions, if any, vary by community and are subject to certain terms, conditions, and restrictions. Not all communities, not all home sites, and not all options and upgrades are included in this Sales Event so see the Sales team in your desired community for specific details.

Pulte
Pulte is offering limited time special interest rate offer on a 30-year fixed rate at 5.25% for their quick move-in homes when you use their in-house lender. Offer available only on certain inventory homes that contract after 6/5/23 and close by 8/31/23.

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 8/31/23, enjoy a:
5.5% (5.916% APR) 30-year FHA fixed rate
5.5% (5.176% APR) 30-year VA fixed rate
5.875% (6.102% APR) 30-year Conventional fixed rate

These rates are when you apply for closing cost assistance toward permanent interest rate buy down.

OR, use the closing cost assistance for other fees and enjoy these special rates:
6.000% (6.745% APR) 30-year FHA fixed rate^
6.000% (6.318% APR) 30-year VA fixed rate^^
6.750% (7.395% APR) 30-year Conventional fixed rate^^^

Loan promotions are valid for buyers who contract with Richmond American Homes between June 1 and June 11, 2023, and close on or before August 31, 2023, when financing is provided by HomeAmerican Mortgage Corporation.

Tri Pointe Homes
Tri Pointe Homes is having their “Move In, Move Up – Home Event” During the Move In Move Up Home Event, get special pricing and a below market interest rate with a Fixed 30 Year Rate of 5.875% on select homes in the Las Vegas area.

Communities participating in this event are: Azure Park in NLV, Arden in Henderson, Inspirada in Henderson and Arroyo’s Edge in Summerlin.

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.

Century Communities
Century Communities is having their Summer Event: EXPLORE EXCEPTIONAL QUICK MOVE-IN OPTIONS AND GET MOVING ON YOUR DREAM HOME TODAY!

Lock in an incredible 4.875% interest rate on a FHA/VA 30 -year fixed rate loan or 5.875% interest fixed rate on a conventional loan, when you finance with their affiliate lender, Inspire Home Loans on select lots only.

ROB & ANG BETS
MEDIAN SALES PRICE
Rob said $7,000 increase
Ang said $7,500 increase
Actual # $12,120 increase
Ang won this one!

WITHOUT OFFERS
Rob said 3,700
Ang said 3,500
Actual # 3,645
Rob won this one!

MONTHS OF SUPPLY
Rob said 1.7 months
Ang said 1.6 months
Actual # 1.6 months
Ang won this one!

Las Vegas Realtors Report: https://bit.ly/45PZwmb

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