February 2024 Report
A Good Start
We had a nice price spike to start off 2024. Hopefully this slows the slight downward trend we’ve been seeing. The good sales price spike was offset with some inventory headwinds. In all, January was fairly balanced.
Lake Las Vegas by the Numbers
Not a bad way to start the year. We had a nice uptick in average price for January.
After December’s nice sales rally, we’re cooling off, but keep in mind that the end of December and early January are holiday heavy months. Home buyers are not necessarily out looking due to travel, family obligations and other holiday related activities.
There was a spike in listings coming into 2024. Sales activity tends to drive listings because people see the activity, like the outcome, and decide to list. As of this writing (2/16/23), there are 19 homes that have gone under contract in the month of February, so we’ll see if the home buyers finally wrapped up their holidays.
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The recent spike in listings brought us from 5.9 to 6.7 months of inventory which is still a balanced market.
A spike in inventory adds competition to the market. Competition allows for more aggressive offers.
Please note that these numbers are for closed sales and therefore were put under contract at a time when mortgage rates were near their highs for 2023. Throughout mid December and January, rates have been down below 7% for the most part. As a result of this lower interest rate situation, mortgage applications (purchase) have spiked a bit, reaching a peak in late January. These buyers are likely going to pull the trigger in the next couple of months.
Final Thoughts
The new year is starting out rather balanced. We are headed into spring and I did finally manage to go outside without a jacket or sweatshirt so that’s something. We’re starting to see an uptick in activity in our daily feed (sales, homes under contract, showing requests etc…), but that is all mostly anecdotal. That said, sometimes that anecdotal information turns out to be the beginning of a trend. We’ll keep our eyes and ears open to see what trends, if any, emerge as we head into spring.
Thank you,
Robin & Dave
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