Las Vegas Real Estate Market Update – October 2022

Las Vegas Real Estate Market Update – October 2022

Las Vegas Real Estate Market Update – October 2022. Welcome to the October 2022 issue of our monthly market update for Southern Nevada. In this issue we will be going over September 2022 numbers.

Market Trends

There were 2,030 single-family houses that sold in September, up 1.4% from August, but down 36.7% from September 2021.

The median sales price of previously owned single-family homes, remained at $450,000, which is flat from August, but still up 10.7% from the prior year.

In January 2022, the median price of previously owned single-family homes was at $435,000.
In September 2021, the median price of previously owned single-family homes was at $406,500.
In September 2020, the median price of previously owned single-family homes was at $337,250.

The median sales price of condos and townhomes went from $264,900 in August to $270,000 in September, a $5,100 increase in median price; which is up 1.9% from August and still up 17.4% from the prior year.

In September 2021, the median price of condos and townhomes was at $230,000.
In September 2020, the median price of condos and townhomes was at $195,500.

Luxury Market

There were 97 homes that sold in September for $1 million and over, compared to August’s 110 homes, a 13 home decrease.

The median sales price in the Luxury Market for September decreased to $1,277,383 and in August that number was $1,399,990. Almost $122,607 decrease in the median sales price.

Market Trends

So, for September we had a total of 3,376 new listings, which is down 15.8% from August and down 8.5% from the prior year.

In September 2021, there were 3,689 new listings on the market. Which seems to be in line with the number of new listings for September 2022.

There were also a total number of 8,121 single-family houses listed without offers at the end of September, (In August that number was 7,997) which is up 1.6% from August and up 134.5% from the prior year.

Market Trends

Which brings us to the housing supply in Southern Nevada, we remained at 4.0 months of inventory, which is up .1% from August and up 270.7% from the prior year.

Last September 2021, the housing supply was at 1.1 months.

56.8% of the closings for the month September was on the market 30 days or less, in August this number was at 71.7% and in September 2021, 83.8% of the homes were on the market 30 days or less.

INTEREST RATES

The average rate on a 30-year home loan was 6.7% last week, up from 3.01% a year earlier, mortgage buyer Freddie Mac reported.

NEW BUILDER INCENTIVES

Toll Brothers

Toll Brothers Sales Event is extended until 10/10 – offering limited time incentives, but they do not disclose what those incentives are.

Discover big savings for the first two years of your 30-year fixed rate mortgage through Toll Brothers Mortgage Company with their exclusive 2/1 Buydown Program. Toll Brothers is offering a 3.99% for the first-year rate, 4.99% second-year rate and 5.99% years 3-30.

Only on quick move-in homes and have to put a minimum of 20% down and must be your primary residence.

Taylor Morrison

Save up to $50,000 on a new home – Your monthly payment will be lower when you take advantage of finance savings from $15,000 up to $50,000+ versus buying a reduce priced home at current market rates.

Basically, when you use Taylor Morrison’s in house lender you get up to $50,000 towards closing costs, permanent buydown, temporary buydown (save on your rate for the first 2 years, then enjoy a fixed rate for the remaining life of your loan, extended rate locks.

The best savings of fall are here when your client buys an eligible home now through October 31 with Taylor Morrison. For a limited time, secure a 5.99% 30-year fixed rate plus enjoy lower payments for two years so you can buy confidently today. Lock in first year interest at 3.99%, second year 4.99%, and 3-30 years 5.99%.

Pulte

Limited time offer, Pulte is offer 3.99% interest rate for the first 7 years on select quick move-in homes, must close by 11/30/22 and you have to use Pulte Mortgage and put 20% down.

They are also offering up to 6% towards closing costs or interest rate buy downs on their quick move-in homes when you use their in-house lender. They have a lot of quick move-in homes that they need to unload by the end of the year.

Talvona at Skye Hills are taking offers and accepting $60k to $100k off of purchase price.

Century Communities

Lock in an incredible 4.5% interest rate on a 30-year fixed rate FHA or VA loan when financing with their affiliated lender, Inspire Home Loans. Only 3.5% down payment is required, and your credit score has to be 640 or higher! Or get 4.875% interest rate on a Conventional Loan with 10% down and your credit score has to be 720 or higher.

Available only on the purchase of a Century Communities when you contract by 10/16 and close on or before 11/30/2022.

Lennar Homes

Lennar’s End of Year Sales Event – Take advantage of an amazing fixed rate of 4.99% through Lennar Mortgage’s special limited time financing when you sign a purchase agreement between 10/03/22 – 10/09/22 and close by 11/30/22.

Lennar can also help with closing cost, the rep said she’s been seeing them pay all of the closing costs. They are trying to keep the prices, but offer incentives to buy down the rates or closing costs incentives.

Richmond American Homes

9/26 – 10/31: 4.875% financing available

Make your move this season without worrying about the mortgage market.

For homes that close by 12/23/22, enjoy:

4.875% (5.916% APR) 30-year FHA fixed rate*

4.875% (5.176% APR) 30-year VA fixed rate**

OR 5.500% (6.102% APR) 30-year Conventional fixed rate***

Available for buyers who contract 9/26/22 – 10/31/22 and lock by 10/31/22! This is for quick move-in homes and you have to use their in-house lender.

ROB & ANG BETS

MEDIAN SALES PRICE

Rob said $12,500 decrease

Ang said $15,000 decrease

It actually remained the same

No one WON

WITHOUT OFFERS

Rob said 8,500

Ang said 8,200

Actual # 8,121

Ang is the clear WINNER!

MONTHS OF SUPPLY

Rob said 4.8 months

Ang said 4.3 months

Actual # 4 months

Ang is the clear WINNER!

Las Vegas Realtors Report: https://bit.ly/3C9oY8g

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