As the year comes to an end, it’s amazing to reflect on what a ride it has been! Following the historic, white-hot market of 2021, this year started off with plenty of heat. However, the market quickly fizzled out when the Federal Reserve threw a bucket of cold water on it by raising interest rates. Inventory in November was up 86.7% over last year while closed sales were down 41%.
If you reference our Absorption Rate chart in the Market Trends section of this newsletter, you’ll see that all price ranges except one are showing a supply of homes greater than six months, which means that Las Vegas is continuing to lean toward a buyer’s market. The higher the supply, the more prices will come down in each respective category. We’re seeing more and more price reductions these days; there were 98 in November alone.
In case you missed what we’ve been up to this year, we’ve been having a great time interviewing guests on our new YouTube show and podcast, elevate. Our goal with this show is to entertain and inform our listeners on a range of topics—from wealth and finance to luxury goods and lifestyles.
In our most recent episode, we talked about luxury yacht charters and boutique tequila with John Henner, a Las Vegas entrepreneur who does business in both. We had a lot of fun hearing his stories and learning from his expertise. You can enjoy the full show on YouTube—or listen to it on the go using Apple Podcasts or Google Podcasts.