Are you in the market to buy or sell a house? If so, you must stay informed about the current supply of homes in your area. In this article, we’ll provide an update on the current inventory of homes for sale and its implications for buyers and sellers.
Historically, there has been a shortage of houses for sale, making it challenging for buyers to find suitable properties. However, recent national data from Realtor.com suggests that there has been a slight increase in housing supply in many parts of the country. Last month, the country’s housing supply rose by 5%.
While this news might seem promising for potential buyers, it’s important to note that the current inventory remains significantly lower than typical levels. The graph below illustrates the present active listing counts in comparison to the most recent “normal” years in the housing market (2017-2019). As you can see, there is still a long way to go before inventory levels return to normal.
It’s crucial to remember that the housing market is highly local, and therefore, a trusted real estate agent is vital to get an accurate assessment of your specific market. If you’re looking to buy a home, your agent can provide a more comprehensive understanding of the inventory situation and offer essential strategies that other buyers have successfully used to navigate the low housing supply.
📊 Here’s a Market Snapshot: 📅 Date: October 2023 📍 Location: Las Vegas, Nevada
📈 Housing market is on the move! Here’s a snapshot of the latest market trends:
✅ Currently, we have a low 2.25 Months Supply of Inventory, indicating a competitive market for buyers. It’s crucial to act swiftly to secure your dream home in this fast-paced market.
📉 Over the last 12 months, the Months Supply of Inventory has decreased by 39.35%. This reduction shows a trend towards limited inventory, leading to increased demand and potentially higher home prices.
💲 Looking at the numbers, the List to Sold Price percentage stands at an impressive 98.6%. This indicates that sellers are receiving strong offers close to their asking prices, making it an advantageous time to sell your property.
⏰ Homes are not staying on the market for long! The median days on market is just 18 days. If you’re considering selling, this statistic highlights the desirability of Las Vegas properties and the potential for a quick sale.
📈The median Sold Price for homes in Las Vegas currently stands at $405,000. This figure showcases the value and growth potential of properties in our vibrant city.
For sellers, the rise in housing inventory should not discourage you. Despite the slight increase in the national inventory, available homes on the market remain significantly lower than usual, and some areas may have an even lower supply. A skilled agent can offer essential tactics to help you sell your property effectively in this competitive market.
Keeping up to date on the latest real estate market trends is essential whether you’re looking to purchase or sell a home. Don’t hesitate to reach out to our experts for guidance in navigating the continuously evolving world of real estate.
As your trusted REALTOR® I am here to guide you through the ever-changing market conditions and help you make informed decisions. Whether you’re buying or selling, don’t hesitate to reach out for personalized advice tailored to your unique situation! 🤝
Henderson is a highly sought-after place to live, particularly for families, and it’s easy to understand why. This vibrant city is renowned for its holiday spirit, which adds to its overall appeal. If you haven’t had the opportunity to experience the magic of Henderson during the holiday season, here are some annual traditions that are worth exploring.
Start your festivities with Thankful Thursdays in November, celebrating Be Kind Month at Valley View Recreation Center, where you’ll find various activities for the entire family. Alternatively, join the pre-Thanksgiving Harvest Festival at Black Mountain Recreation Center on November 17, where you can enjoy carnival games, candy apples, apple cider, and a scarecrow craft activity with your kids.
Throughout the city, you’ll find numerous tree-lighting events that will get you into the holiday spirit. The District at Green Valley Ranch hosts its annual Christmas Tree Lighting Celebration on Saturday, November 18, with appearances from the Sugarplum Fairy, The Nutcracker, and Jolly St. Nick. Indulge in treats, enjoy live music, and join in on the fun.
Enjoy a Celtic Christmas at the Village at Lake Las Vegas on November 18, where you can witness the community’s annual Christmas tree lighting and savor the musical talent of Annie Meadows. The event also offers complimentary hot chocolate.
Don’t miss out on Downtown Henderson’s WinterFest, a two-day event starting November 30, with a tree-lighting ceremony and an impressive drone show. Witness the Lights Parade on Friday, featuring unique holiday floats and entertainment.
Merry Grinchmas at Heritage Bark Park is perfect for pet owners who want to include their furry friends in their celebrations. Join the event on December 1 for pop-up agility courses, festive treats, and photos with the Grinch.
Additionally, The District at Green Valley hosts a Pet Party with Santa on December 11, which is exclusive to pets. Finally, the Reindeer Dash 5K run and the 1-mile walk at Cornerstone Park on December 16 will provide a wonderful opportunity to show off your most cheerful holiday costume or your ugliest holiday sweater.
Henderson has an extensive range of events and activities for you and your family to enjoy this holiday season. For more information, feel free to contact my office, and we’ll be more than happy to help you find the perfect place to call “home.”
Additionally, The District at Green Valley hosts a Pet Party with Santa on December 11, which is exclusive to pets. Finally, the Reindeer Dash 5K run and the 1-mile walk at Cornerstone Park on December 16 will provide a wonderful opportunity to show off your most cheerful holiday costume or your ugliest holiday sweater.
Henderson has an extensive range of events and activities for you and your family to enjoy this holiday season. For more information, feel free to contact my office, and we’ll be more than happy to help you find the perfect place to call “home.”
Henderson, consistently ranked among the top places to live in the country, particularly for families, boasts a vibrant holiday spirit that truly captures its allure.
If you have not yet experienced the city during the holidays, here are some annual traditions to explore throughout the season. Kick off with Thankful Thursdays in November, with various activities as part of Be Kind Month at Valley View Recreation Center. On November 17, join the pre-Thanksgiving Harvest Festival at Black Mountain Recreation Center. Enjoy carnival games, candy apples, apple cider, and a scarecrow craft activity at this kid-friendly event. Additionally, there are several tree-lighting events across the city for those who love Christmas trees.
The District at Green Valley Ranch hosts its annual Christmas Tree Lighting Celebration on Saturday, November 18. Join the Sugarplum Fairy, The Nutcracker, and Jolly St. Nick for a joyous event. Indulge in treats while enjoying live music.
Enjoy a Celtic Christmas at the Village at Lake Las Vegas on November 18. Witness the community’s annual Christmas tree lighting and savor the musical talent of Annie Meadows. Complimentary hot chocolate will be served.
Prepare for Downtown Henderson’s WinterFest, a two-day event starting Thursday, November 30. The festivities kick off with a tree-lighting ceremony and an impressive drone show. On Friday, witness the Lights Parade featuring unique holiday floats and entertainment.
Merry Grinchmas at Heritage Bark Park is perfect for your four-legged family members. Join the event on Friday, December 1, for pop-up agility courses, festive treats, and photos with the Grinch.
Don’t miss The District at Green Valley’s Pet Party with Santa on December 11 from 4 to 7 p.m. Let your pets join in on the fun.
Get active with the Reindeer Dash 5K run and the 1-mile walk on Saturday, December 16, at Cornerstone Park. Dress up in your most cheerful holiday costume or an ugly holiday sweater.
Additionally, The District at Green Valley hosts a Pet Party with Santa on December 11, which is exclusive to pets. Finally, the Reindeer Dash 5K run and the 1-mile walk at Cornerstone Park on December 16 will provide a wonderful opportunity to show off your most cheerful holiday costume or your ugliest holiday sweater.
Henderson has an extensive range of events and activities for you and your family to enjoy this holiday season. For more information, feel free to contact my office, and we’ll be more than happy to help you find the perfect place to call “home.”
Henderson, consistently ranked among the top places to live in the country, particularly for families, boasts a vibrant holiday spirit that truly captures its allure.
If you have not yet experienced the city during the holidays, here are some annual traditions to explore throughout the season. Kick off with Thankful Thursdays in November, with various activities as part of Be Kind Month at Valley View Recreation Center. On November 17, join the pre-Thanksgiving Harvest Festival at Black Mountain Recreation Center. Enjoy carnival games, candy apples, apple cider, and a scarecrow craft activity at this kid-friendly event. Additionally, there are several tree-lighting events across the city for those who love Christmas trees.
The District at Green Valley Ranch hosts its annual Christmas Tree Lighting Celebration on Saturday, November 18. Join the Sugarplum Fairy, The Nutcracker, and Jolly St. Nick for a joyous event. Indulge in treats while enjoying live music.
Enjoy a Celtic Christmas at the Village at Lake Las Vegas on November 18. Witness the community’s annual Christmas tree lighting and savor the musical talent of Annie Meadows. Complimentary hot chocolate will be served.
Prepare for Downtown Henderson’s WinterFest, a two-day event starting Thursday, November 30. The festivities kick off with a tree-lighting ceremony and an impressive drone show. On Friday, witness the Lights Parade featuring unique holiday floats and entertainment.
Merry Grinchmas at Heritage Bark Park is perfect for your four-legged family members. Join the event on Friday, December 1, for pop-up agility courses, festive treats, and photos with the Grinch.
Don’t miss The District at Green Valley’s Pet Party with Santa on December 11 from 4 to 7 p.m. Let your pets join in on the fun.
Get active with the Reindeer Dash 5K run and the 1-mile walk on Saturday, December 16, at Cornerstone Park. Dress up in your most cheerful holiday costume or an ugly holiday sweater.
Henderson has a wide range of events and activities for you and your family to enjoy this holiday season. If you’re interested, contact my office and we’ll help you find the perfect home.
Whether you are a buyer or a seller, understanding real estate metrics is crucial in making informed decisions in the housing market. So, let’s dive right in and explore the correlation between these real estate indicators.
Months Supply of Inventory
Did you know that currently there are only 1.9 Months Supply of Inventory? This means that demand is high, and the market is favoring sellers. Over the last 12 months, we’ve seen a -16.3% decrease in Months Supply of Inventory, indicating a tightening market.
Months Supply of Inventory metric represents the number of months it would take to sell all the available homes on the market if no new listings were added. A lower value indicates a seller’s market, where demand exceeds supply, resulting in potentially higher prices. With a months supply of inventory of 1.97, we can conclude that the market leans towards a seller’s market, indicating a high level of demand.
12-Month Change in Months of Inventory
Next, we have the 12-Month Change in Months of Inventory, which is at -16.88%. This metric showcases the percentage change in the months of inventory over the past year. In this case, the negative value indicates a decrease in the number of months it would take to sell all the available homes. This further supports the notion of a seller’s market, as the decrease suggests a tightening supply and increased competition among buyers.
Median Days Homes are On the Market
Median Days Homes are On the Market, stands at a mere 20 days as of August, 1st 2023. This metric represents the average number of days it takes for a home to be sold after being listed. A lower value suggests a faster-paced market where properties are in high demand and attract eager buyers. With a median of only 20 days, we can infer that the real estate market is highly active, with properties being snatched off the market relatively quickly.
List to Sold Price Percentage
List to Sold Price Percentage, currently stands at an impressive 98.6%. This metric illustrates the percentage of the listing price that a property ultimately sells for. A higher percentage indicates that sellers are receiving offers close to their asking prices, reflecting a strong market where buyers are willing to meet sellers’ expectations. With a list to sold price percentage of 98.6%, we can conclude that sellers in this market have been successful in negotiating deals close to their asking prices.
Median Sold Price
Median Sold Price, which is at a substantial $443,250. This metric represents the midpoint of all the sold prices in a given area, providing insight into the overall pricing trends. With a median sold price of $443,250, we can deduce that the market is experiencing healthy price levels, reflecting strong demand and value in the housing market.
In summary, the correlation between these real estate metrics paints a promising picture for both buyers and sellers. The low months supply of inventory, coupled with a decrease in the months of inventory over the past year, suggests a seller’s market with high demand and potential for increased prices. The short median days homes are on the market further reinforces this notion, indicating a fast-paced market where properties are selling swiftly. Additionally, the high list to sold price percentage signifies that sellers are achieving their desired prices, while the substantial median sold price suggests a healthy and valuable market.
With these metrics in mind, buyers can approach the market with a sense of urgency and be prepared to make competitive offers, while sellers can expect strong demand and potentially favorable selling conditions. As always, it is crucial to consult with a trusted real estate professional to navigate this dynamic market successfully.
👉 Whether you’re looking to buy or sell, Susan Marques, your dedicated REALTOR®, is here to guide you through the dynamic Las Vegas real estate market.
Contact her today to discuss your goals and make the most of these favorable market conditions.
