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GREATER LAS VEGAS MARKET UPDATE

DECEMBER 2022 / January 2023

2022 closings are 25% off the 2021 pace but we will end up a little better than 2008. Listings taken, available listings, and homes in escrow all dropped significantly again in November. There are just over seven months of inventory for SFR listings, but it ranges from 4 months to 27 months depending on which community we investigate.

The median sales price of SFR closings dipped from $440,000 to $430,495 while the SFR average closed sales price fell to $528,649 for a decrease of 3.3%. The luxury market closings slipped to 71 in November and it’s now likely that 2022 luxury closings will end up slightly behind 2021. The last chart below really shows the shift in sales by price point.

IMPORTANT: market prices are not falling consistently across the market as evidenced by rising prices in the luxury market! Each community, subdivision, and price point must be considered on a case-by-case basis with the help of a skilled Realtor on the Great Las Vegas Homes Team !

Advantage Buyers!

The real estate market has rapidly gone from only a few weeks of marketable inventory to just over 7 months of inventory. That coupled with falling sales and a significant drop in listings taken, buyers now have the initial negotiating leverage in most communities throughout Greater Las Vegas.

*** SEE THE CHARTS AND GRAPHS BELOW ***



 

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