Las Vegas Housing Market Update March 2023

Las Vegas Real Estate Market Update – March 2023

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

Southern Nevada homes sales surged 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 1,722 single-family houses that sold in February, up 30% from January, but down 31.5% from February 2022.

The median sales price of previously owned single-family homes, went from $425,000 in January to $424,995 in February, which is relatively flat from the previous month, but down 5.6% from the prior year.

In February 2022, the median price of previously owned single-family homes was at $450,000.
In February 2021, the median price of previously owned single-family homes was at $355,000.
In February 2020, the median price of previously owned single-family homes was at $316,000.

February of 2022, prices had catapulted almost 27% from the year before.

The median sales price of condos and townhomes remained the same at $255,000, which is down 1.9% from February 2022.

In February 2022, the median price of condos and townhomes was at $260,000.
In February 2021, the median price of condos and townhomes was at $197,500.
In February 2020, the median price of condos and townhomes was at $175,000.

Luxury Market

There were 72 homes that sold in February for $1 million and over, compared to January’s 70 homes, 2 home increase.

The median sales price in the Luxury Market for February decreased to $1,345,193 and in January that number was $1,575,000. A $229,807 decrease in the median sales price.

Market Trends

So, for January we had a total of 2,243 new listings, which is down 9.4% from January and down 24% from the prior year.

In February 2022, there were 2,950 new listings on the market. Which is 707 more listings on the market in 2022 than in 2023.

There were also a total number of 4,665 single-family houses listed without offers at the end of February, (In January that number was 5,450) which is down 14.4% from the previous month, but up 167.9% from the prior year.

Market Trends

Which brings us to the housing supply in Southern Nevada, last month we were at 4.1 months of inventory on the market, this month we are at 2.7 months of inventory on the market, which is down 34.1% from January, but up 291.2% from the prior year.

41.1% of the closings for the month February was on the market 30 days or less, in January this number was at 76.8% and in February 2022 76.8% of the homes were on the market 30 days or less.

INTEREST RATES
Mortgage rates tumbled in January, giving buyers in Southern Nevada and across the United States some relief, but borrowing costs have since pushed higher again.

The average rate on a 30-year home loan was 6.65% as of last week, up from 6.09% in early February, federal data shows.

NEW CONSTRUCTION
On the construction side, Southern Nevada builders sold far fewer homes and pulled substantially fewer permits in January than they did a year earlier, but the market overall had “a few glimmers of light shining through the fog,” Las Vegas-based Home Builders Research reported.

Builders landed 661 net sales — newly signed purchase contracts minus cancellations — in January, down 39% from the same month last year, according to the firm.

NEW BUILDER INCENTIVES
Taylor Morrison
Enjoy lower payments for the first three years with limited-time finance savings on select homes, when you use Taylor Morrison’s in house lender. For year 1 get 2.75% interest rate, for year 2 get 3.75% interest rate, for year 3 get 4.75% interest rate and from year 4-30 get 5.75% interest rate.

Toll Brothers
Get 4.99% First Year Rate on a 30-year fixed rate with 1/0 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 4.99% and years 2-30 your interest rate it would be a 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 03/01/23 and close by 04/28/23. 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 4/28/23, enjoy a:
5.375% (5.916% APR) 30-year FHA fixed rate
5.375% (5.176% APR) 30-year VA fixed rate
5.875% (6.102% APR) 30-year Conventional fixed rate

For homes that close by 5/31/23, enjoy a:
5.875% (6.619% APR) 30-year FHA fixed rate
5.875% (6.191% APR) 30-year VA fixed rate
5.875% (6.582% APR) 30-year Conventional fixed rate with a buyer-paid 1% discount fee

Offers are valid when you use their in-house lender.

Tri Pointe Homes
Tri Pointe Homes is still having the NEW HOME EVENT. Special pricing and financing on select move-in ready homes.  During the New Home Event take advantage of a limited-time below market 7/6 ARM with an interest rate of 4.75%.

With a 7/6 ARM you have the benefit of 4.75% interest rate that will not adjust for 7 years, offering significant savings on your monthly payments.

To receive the incentive, you must enter into a purchase for an eligible homesite by 3/31/23 and close by 5/9/23. Must put 20% down and have a FICO score of 740 or higher for primary residence.

Last month, 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 4.990% (5.333% APR) for up to 270 days.

Century Communities
Lock in an incredible interest rate on a 30-year fixed-rate loan when financing with Century Communities affiliate lender, Inspire Home Loans.

5.5% 30-year FHA fixed rate
5.5% 30-year VA fixed rate
6.125% 30-year Conventional fixed rate

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

WITHOUT OFFERS
Rob said 6,250
Ang said 5,000
Actual # 4,665
Ang won this one!

MONTHS OF SUPPLY
Rob said 4.2 months
Ang said 3.9 months
Actual # 2.7 months
Ang won this one!

Las Vegas Realtors Report: http://bit.ly/421uDZY

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