September 2023 Report
Cooling Off
Inventory keeps growing even as pending sales cool off. Is it a trend or an anomaly? I don’t know yet, but we’ll be keeping our eyes on it. Cooling off is to be expected in the fall and winter months and not because of the Earth’s axial tilt.
Lake Las Vegas by the Numbers
This is a rolling six months of data. There seems to be a slight downward trend.
Home sales are still holding their own. We may see a bit of a dip as we head into the slower fall/winter cycle.
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We had quite a spike in new listings and a dip in pending sales. Listings tend to slow down in fall and winter, as do sales, so this is more likely a trailing effect of listings that were in preparation during the peak of the hotter spring and summer sales period. I expect to see a less extreme gap in the coming months.
Sales prices are still holding near the 97% of list area. Buyer’s, this means you have a good 3% of potential negotiation space. Seller’s, rest assured you still have room to make a decent return. You just need to figure out where you want to live.
Loan Vs. Cash. We’re still in the 50% zone. Cash might go up if rates continue above 7%.
New inventory plus fewer pending sales equals more inventory. We’re still reasonably close to the balanced market zone, but we’ll keep an eye out for inventory spikes or sales slumps.
Final Thoughts
Things are cooling down a bit. Some of this is normal seasonal shift, but some of it is likely a market shift in response to continued high interest rates. We’re keeping our eyes on it, but ultimately, there is still quite a bit of equity out there so sellers are in decent shape. That said, the slowdown in buying activity will mean sellers should expect more time on market before getting a reasonable offer and they should also expect some negotiation on their list price.
Thank you,
Robin & Dave
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