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Las Vegas Market Update - Jan 26, 2023

Thursday, January 26, 2023   /   by Robyn Orgel

Las Vegas Market Update - Jan 26, 2023

LAS VEGAS MARKET UPDATE for JANUARY 26, 2023

The Numbers
  • Active Listings: 5,688 (down from 5,834 the previous week, a steady decline since mid_November)
  • Under Contract: 589 (up from 507 the previous week, trending up and the highest in 5 months)
  • Units Sold: 295 (up from 262 the previous week)
  • Median Days on Market: 44 (flat from 44 the previous week)  
  • Average Price: $513,033 (down from $528,575 the previous week)
  • Median Price: $424,843 (down from $430,000 the previous week)
Data from Jan 25, 2023 for Single Family Homes for Las Vegas, North Las Vegas, Henderson combined. 


Las Vegas Area Market Insights

Next month's outlook
January typically is the time when more buyers who are financing start conversations with lenders. This is staying on trend with mortgage applications continuing to rise. 
https://www.mortgagenewsdaily.com/news/01182023-mortgage-application-volume

Shortly after Superbowl weekend is when our market sees the biggest gains in demand.  We'll keep an eye on this to see if the trend stays true in 2023. 



Units Sold Past 4 Years.png

Market volatility vs Interest rate volatility
There is no denying that the increase in borrowing costs have created a decrease in buyer demand in our valley and most of the nation. 

Our market has seen shifts that are moving with the interest rate changes (slow downs when the rates increase, and more showings and demand when there are dips). 

  • Currently, rates are at 4 month lows and are bringing those who need to move (for love or money, and also in our market those who are retiring) to start shopping around for homes again.  Our listings are getting higher traffic, and our latest one received multiple offers over the weekend and is now under contract.

Resale home inventory is declining in our valley
This could be due to the high number of listing agreements expiring at the end of 2022.  This is another data point we will keep an eye on.  

The Buyer's Advantage 
New home unit sales are dropping.  This has been an advantage for those who need to make a move because of the deep incentive some builders are offering. 

We learn what is important to you and come up with a custom strategy with you on how to work out the best deals for you. 


Are you looking to sell or buy in the Las Vegas area soon?  Learn more about our market and how are team can help you achieve your goals. 



The Akerley Schussler Real Estate Group
Keller Williams Realty, The Marketplace
NVLic# S.0170022

Office: 725-222-9320
Email: team@asgvegas.com
The Akerley Schussler Group - Keller Williams Realty The Marketplace
Jonathan Schussler
10000 W. Charleston Blvd. Suite #130
Las Vegas, NV 89135
725-222-9320
Realtor logo.png

NV Lic# S.0170022

Cardinal Financial
John Obradovich
Producing Branch Manager | Retail
NMLS # 414083
P: (725) 333 9884 | F: (775) 437 5338

UP5DB701E1507748.jpgThe data relating to real estate for sale on this web site comes in part from the INTERNET DATA EXCHANGE Program of the Greater Las Vegas Association of REALTORS® MLS. Real estate listings held by brokerage firms other than this site owner are marked with the IDX logo. The information being provided is for the consumers' personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. GLVAR MLS deems information reliable but not guaranteed. Copyright 2024 of the Greater Las Vegas Association of REALTORS® MLS. All rights reserved.
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