November 2023 Report
Inching Lower
Prices are still continuing to decline though the decline is not universal nor is it extreme. Inventory spiked a bit in October, but this too was not universal.
Lake Las Vegas by the Numbers
Not much change here. It does seem like there is a bit of a plateau forming though.
We’re still holding onto gains made before the rate hikes.
Sign up for our monthly newsletter below.
The spike in September sales makes October look more dramatic than it is.
Another spike in listings means more inventory for buyers to consider. One thing to note here is that about 26% of the active listings in Lake Las Vegas are listed by builders so they are either under construction or soon to be under construction. Given how long it takes for these homes to be completed and delivered, they may sit on the market far longer than a resale listing.
I have mixed thoughts about how to consider the above mentioned new construction listings. I’ve covered this topic in the past, but 26% of all active Lake Las Vegas Listings seems fairly significant. Determining exactly how significant is a bit of a challenge. They do represent competitive inventory for some resale homes though so I think it is important to consider which resale homes might be comparable.
Most of these homes are in the Rainbow Canyon area, which includes Del Webb, Reverie and Marble Mesa. The majority of these new construction listings are from Del Webb due to its size. It is competitive inventory in that the builder may be able to offer incentives that mitigate the cost of higher interest rates, but the buyer also has to wait for the home to be built to be able to close the deal and move in. Once under contract, the home might not close for months, whereas most resale homes typically close in 30 days or less. I think the number of builder listings and their time on the market skew inventory metrics, but that said, it is competing inventory.
Please keep the new construction listings in mind here. This represents all of Lake Las Vegas so it is a bit misleading as you will see below.
North Shore has perhaps the most diverse selection of homes including condos, modern homes and older Tuscan style homes. The majority of listings in this area are considered resale. Even though Marble Mesa Reverie and Amberock are nearby, they are considered part of the Rainbow Canyon area since they share the same loop.
The Falls has a lot of inventory that might compete with the new builds in Rainbow Canyon. In fact, Bellano and Varenna homes were built by the same builder and feature the same floor plans as Del Webb. This community also has its own slightly smaller pool of new construction inventory up in the Bluffs.
This is what I am driving at here. This number is a bit distorted. The build time for these new homes is driving some of this inventory. But you really cannot exclude the inventory because it does compete with resale. To compound this situation, Rainbow Canyon has some of the most expensive resale listings in Lake Las Vegas clocking in well over five million. These do not sell quickly. To truly know how long a resale listing in this area will be on the market, one has to zero in on the actual community and look at other resale listings. Even then, you cannot fully avoid competing with new construction, especially in Del Webb.
Then there is SouthShore. Yes, there are some larger homes in SouthShore but they sell and keep in mind at this price point most buyers are going to be cash buyers. Overall inventory is relatively low. Also note the diversity of homes in SouthShore. There are neighborhoods that have smaller homes that are attractive to buyers so this market isn’t completely dependent upon the sale of large custom homes. One word of caution though, SouthShore is a relatively small market so a few sales, or a few new listings can move the needle more easily.
Not much has changed here.
We saw a bit of a jump in cash purchases.
Final Thoughts
Inventory is a tricky thing to contemplate. The point of keeping track of inventory is to understand how that inventory competes. If a home or community does not compete with existing inventory it may have an advantage or represent a unique case that may or may not be advantageous. I wanted to dive into the inventory a bit because I think there is a tendency to look at it as a monolith rather than the nuanced notion it is.
Thank you,
Robin & Dave
Sign up for our monthly newsletter below.
foresirealestate.com 
One thought on “Lake Las Vegas Market Update”