Las Vegas Guard-Gated Real Estate Market Trends - August 2024

The Las Vegas guard-gated real estate market is experiencing a shift as we move through August 2024. This article delves into the latest market trends, providing insights into closed sales, inventory, days on market, and the influence of mortgage rates on buyer behavior.

Overall Market Trends

In July, closed sales increased by 3% year over year, while inventory rose by 27%. This suggests a more competitive market for sellers. However, the market appears to remain stable for sellers, with 90.9% of the homes sold in July closing within 60 days of their last list price. Renovated and new homes will continue to have an advantage.

Month over month, closed sales increased by 16%, while inventory grew by just 7%. Meanwhile, the absorption rate (a measure of months of supply) rose in almost every price category. However, most categories still show less than a six-month supply, favoring sellers. The major exceptions are the $2.5-3M and $4M+ price ranges, which each show around a ten-month supply, indicating a buyer’s market for these homes.

Days on Market & Discounts

95.4% of the homes sold in July closed within 90 days of their last list price.

In July, 21.6% of the homes sold for their full list price or higher. However, the majority of sellers sellers negotiated up to 10% off their asking price

Mortgage Rates & Financed Deals

In good news, mortgage rates have declined to their lowest level in 15 months (down by approximately .5% for ARMs and .375% for fixed-rate loans). For sellers, the increased demand due to lower rates could counterbalance the higher inventory levels. We also saw a jump in financed deals last month (from 38% to 46%), a trend that might continue now that interest rates have declined. Some buyers may still sit on the sidelines until the election is over, so time will tell how this affects the market over the next few months.

July 2024 Sales Data

There's a lot more data to dive into. You can download a detailed spreadsheet of the July sales data—including final sold prices, original list prices, price reductions, previous sales dates, percent appreciations, and more—by clicking here.

Please reference the following info to help you understand the spreadsheet:

When you encounter a negative number for the % Discount Off the Last List Price, this means the sales price was higher than the last list price.

DOM = Days on Market

REO = Real Estate Owned/Bank Foreclosure

Buyer/Broker Co-op = This is the commission that was paid to the buyer’s agent.

10432 Summit Canyon Drive was sold without being listed on the Multiple Listing Service (MLS).

Finally, 9 properties are missing data for the % Increase, Last Sold Price, and Last Sold Date because they had no prior sales as completed properties.

Any Questions?

If you have any particular questions or additional data that you're curious about, we're happy to help. Just give us a call at 702.605.7482 or leave a comment!