After years of reporting our real estate market’s constant rise, we are finally beginning to see a cooling down. Our Las Vegas Realtors® reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during June was $480,000. That was down from the all-time record price of $482,000 in May. This marks the first time since April of 2020 that local home prices declined from one month to the next. The median price is still up 21.5% from $395,0000 one year ago.
Likewise, the median price of local condos and townhomes sold in June decreased to $280,000. That was down 1.8% from the all-time record price of $285,000 in May. Condo and townhome prices are still up 29.6% from $216,000 in June 2021.
By the end of June, LVR reported 5,746 single-family homes listed for sale without any sort of offer. That’s up 134.1% from the same time last year! Likewise, the 1,340 condos and townhomes listed without offers in June represent a 133.0% jump from one year earlier. With the increased inventory, June’s sales pace equates to just over a two-month supply of properties available for sale. That’s twice as much inventory as past months.
These changes indicate a slight shift in the favor of Buyers. We have seen an increased amount of offer negotiations including Sellers providing closing cost contributions! Meanwhile, Buyers have become hesitant to proceed at full speed with purchases due to the climbing interest rates. That should not be something holding you back though and I highly recommend reaching out to discuss your situation further. It’s an interesting time in our Real Estate market … but hasn’t it always been?