As the spring selling season kicks off, we’re happy to report that closed sales in March increased 67% month over month. We usually see inventory rise in the spring as well, but the number of active listings remained relatively flat. Having less competition is good news for sellers, but buyers might need to think outside the box (or even the guard-gate).
Buyers: Even though there are still homes available, inventory could remain tight for the foreseeable future. As our population boomed over recent years, cash buyers from California gobbled up real estate in the valley’s limited number of guard-gated communities. Custom home lots are getting harder to come by, and new construction hasn’t kept up with demand. More luxury communities are slated for Summerlin, but it will be a couple of years before they are ready. If you want to move soon, you might need to be more flexible with your search—and remember that there will be more competition (and higher prices) for anything that is new, remodeled, or has a view.
Sellers: Although property values are lower than the highs of 2021 and early 2022, we are bullish on Las Vegas and believe that prices will climb again at some point. However, if your goal is to sell this year, be aware that the market is competitive and that strategy matters. Not every home sells; there were 25 listings that expired last month. These properties failed to sell either because the sellers had unrealistic pricing expectations or because their agents didn’t provide sufficient marketing (such as 3D Matterport tours and highly targeted online ad campaigns).
At the Rob Jensen Company, we keep our fingers on the pulse of the market. We know what homes are worth, and we have the marketing expertise to get them sold. If you’re thinking of selling, contact us for a free home valuation. If you’re looking to buy, let us know if you have any questions about upcoming opportunities.
Disclaimers for the data below
• Out of the 80 guard-gated sales that closed last month, 74 were sold on the Multiple Listing Service. For the 6 properties that were sold off-market, Pricing History and Days on Market data are unavailable.
• For the sake of our reporting, Days on Market reset to zero after 60 days off the market. Days on Market are only counted when a property is actively on the market. For example, if a property is on the market for 5 months, in escrow for 1 month before the deal falls apart, then sells 2 months later, DOM would be 7 months (not 8).
• 5 and 7 Talus Court count as a single sale. The home’s most recent price only included the house, but the home sold for over the list price because it included the adjacent vacant lot.