October 2023 Report
Holding Stable
Not much has changed since last month. The slight decline in sales price has become more or less stabilized. Some inventory improvements have also helped keep things stable.
Lake Las Vegas by the Numbers
As you can see the short term trend is still slightly negative, but September had a bit of a rebound suggesting some stability in the market.
Here is the long view. Average sales prices have increased steadily through 2022 and into 2023. The long term 10 year trend is similar though the increase in value towards the end was even more pronounced.
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We reached a new 2023 high in the number of closings. This helped shave off some of the excess inventory that began to accumulate at the tail end of Summer.
New listings cooled off quite a bit in September, while pending sales held close to August’s performance. The sales spike above combined with the reduced listing activity will likely keep inventory from expanding too much in the coming months.
Inventory held at 7.2 months. Although we had a sales spike, we didn’t quite get enough pending sales to move the needle. For Lake Las Vegas, this represents a fairly balanced market. This is for all types of inventory. If you want to see a regional breakdown please follow the link below to review the dashboard, which provides a similar graph for each section of Lake Las Vegas (The Falls, North Shore, SouthShore and Rainbow Canyon).
Inventory affects sales prices. Sales prices were just under 96% of list in September. This isn’t a bad thing, because those home actually sold, but it does indicate that there is enough inventory out there to create competition.
Despite rising rates, some buyers are still using loans. That said, I do think down payments have increased significantly. Also keep in mind that many of these sales are new construction inventory homes that were added to the MLS and some of those home builders offer significant incentives to use their in-house lender.
Final Thoughts
The listing surge has been offset by a sales surge. Prices are fairly stable, though buyers seem to be enjoying a bit more negotiation space. It looks like we’re headed into a stable Winter, but we’ll keep our eyes on the market.
Thank you,
Robin & Dave
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