Las Vegas November Real Estate Market Report

A look at some key data points from last months market report.

  • The number of new listings continues to shrink as we enter the holidays, down from 3231 in October to 2692 in November further tightening the supply of re-sale homes for sale.  Because of this lack of inventory and still inflated interest rates, buyers will continue to look to new construction as a more then ever viable option as a home purchase.
  • Peding sales are also down from 2163 in October to 1880 in November further signaling buyers anticipation to "wait to buy" due to higher interest rates and lack of affordable housing options.
  • Closed sales also down from 2148 in October to 1878 in November again, I believe a reflection of higher rates and lack of inventory.
  • The median home price took a small dip as well, down from $420,000 in October to $415,000 in November most likely attributed to the lack of buyers in the market place pushing the balance of supply and demand in favor of the buyer.
  • Days on marlek held steady at 33 so with the lack of inventory offset by the lack of buyers, homes are still selling in a relatively quick manner.
  • Inventory ticked up slightly from 5902 available homes to 5994 in November.  Hopefully we see this trend continue into the new year.  With interest rates forecasted to continue to decline into the first and second quarter of the new year, many buyers will decide to get off of the sidelines and more inventory will be very much needed in order to keep housing values from skyrocketing.
  • Finally, new home permits are up from 445 in October to 555 in November signaling that new construction continues to thrive offering buyer incentives towards both closing costs and interest rate buy downs.

Post a Comment