We hope you enjoyed watching as much as we did when the Vegas Golden Knights took home the Stanley Cup! Emerging as an expansion team in 2017, the Knights were truly Vegas Born. By introducing ice hockey to the desert, they gave us a shared passion to rally behind. It has been a thrilling journey. Now, let’s get back to business.

Sales momentum is picking up, with closed sales in May soaring 57% over April. Meanwhile, inventory was down 8% month over month, creating a favorable environment for sellers but posing challenges for buyers. Spring is usually the time of year when inventory increases, but many homeowners are finding it hard to give up those sweetheart interest rates, which were locked in at around 3%—a rate that has since doubled.

Guard-gated homes priced from $500K-$1.5M are enjoying a bit of a seller’s market—while the $1.5M-$2.5M range is relatively stable and homes priced over $2.5M are trending toward a buyer’s market. There is never a one-size-fits-all statement to summarize the market; it always depends on the price point and product.

69% of the homes sold in May sold within 30 days of being priced “correctly.” Some homes had the right price out of the gate, while others required several price reductions to get the job done. Furthermore, 55% of properties sold within 5% of their list price—and cash transactions accounted for 57% of the deals, reflecting an increase from 41% in April.

If you’d like to take advantage of these favorable market conditions, let’s talk. We look forward to hearing from you.