July 2023 Report
Maintaining Pace
It’s hot outside. The local Lake Las Vegas Market is maintaining its pace and perhaps showing signs of leveling off in terms of sales activity. We’re also approaching fall.
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Lake Las Vegas by the Numbers
The upward price trend is holding with some normal variability. We are however starting to see a plateau for the first half of 2023.
Four fewer sales from May to June does not necessarily make a trend, but we can watch to see if it becomes one over time. That said, June, July and August typically show a bit of a plateau in sales and listing activity anyway. The lockdowns shifted the market cycles a bit since they started in mid March 2020, but that shift has slowly returned to normal.
Pending sales dropped in June while new listings held. Keep in mind that part of the seller’s decision to sell involves recent sales in their own neighborhood so there is a natural lag between a slowdown in listing activity and sales activity. The decision to sell is based on past sales.
We’re still hovering between 7 and 8 months of inventory. Some regions of Lake Las Vegas are higher or lower than this, so you can check the details on the dashboard. This covers all properties in Lake Las Vegas.
Holding steady.
Cash purchases are back up. There was a dip in mortgage (purchase) applications in May.
For more Lake Las Vegas real estate market data, click on the button below to access our dashboard.
Final Thoughts
Things are holding steady. We’re heading for a natural plateau period in the market so this should not come as a surprise. Beginning in August we may see a normal decline in both listing and sales activity. This does not mean prices will decline as well, in fact, lower inventory could boost prices if not hold them where they are.
Thank you,
Robin & Dave
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