Market Update March Newsletter 2023 Henderson Las Vegas Real Estate

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Market Update March Newsletter 2023 Henderson Las Vegas Real Estate

Posted March 11, 2023 in Market Update / Newsletters,Property Management,Real Estate Advice

March 2023:

Hello and Happy March 2023!  March brings us into Spring – and animals will begin waking up from their hibernation.  Such a beautiful time of the year as the birds are chirping and the air is starting to fill with new life.  Daylight savings is upon us and our clocks will “spring forward,” bringing us longer and warmer days.  And the long-awaited green beer, corned beef & cabbage for St. Patrick’s Day.  FUN FACT:  On March 10th, 1876 Alexander Graham Bell made the very first phone call (to his assistant), and now 147 years later the world is making billions of phone calls daily. 


MARCH, 2023 MARKET UPDATE: Here we go again… as you may or may not have heard Jerome Powell stated this week that he has no choice but to, “beat inflation with recession.”  Just as things were starting to heat up again in the market, the Fed is raising rates again in an effort to combat the stubborn inflation that seems to have more retaliation than a hormonal teenager going through puberty.  The drop in rates I was anticipating might end up being farther down the horizon than I thought.  What gives!?  Rates and the price of eggs, I tell ya! We are still teetering around the low 7% for mortgage rates, some lenders can still offer a high 6 %s depending on the overall loan scenario of course.

The numbers show that more buyers are definitely entering the market as I imagined, with a 22.93% increase in sales for February 2023 compared to January; although, ironically the median price dropped by $5,000 to $415,000 after a few months of stagnancy.  This drop in median price just goes to show you that despite sales picking up, negotiations are taking place.  Our absorption rate increased slightly even with increased inventory, which is a good sign as the inventory of properties for sale has increased by nearly 1,500 more homes on the market within the last 30 days.  The inventory that is decreasing now is the rental inventory – which hopefully will help our days on market to improve.  It is more evident now than ever to see which homes are moving = the sellers & agents who have wised up to the market shift and are pricing the homes accordingly.  The properties that continue to sit are those priced in accordance with a market that no longer exists and who think we are still in the summer of 2022.  Perhaps because they’re sitting on low payments with low rates or maybe they think things will come back up!?  Either way, those who are not in line with the current market are sitting ducks and getting bombed with lower and lower offers!  Too many days on market translates to desperation in the eyes of some buyers and agents.   

As Spring brings animals out of hibernation, it will also bring both buyers and sellers out from behind the shadows, who have been waiting around for signs of warmth.  There was a slight bump in the sales market when rates dropped but things quieted down again once rates started increasing again.  I anticipate serious buyers and sellers to negotiate more and more with each other in the months going forward.   

The rental market stayed about the same overall.  However, we are starting to receive an uptick in inquiries from people wanting to move in April/May.  Tenants are wising up to the market and are continuing to want to negotiate based on data they’re finding online for price comparisons in the area.  The median rental price remained steady at $1,900/month, and days on market decreased slightly to 41 days.   

The next two paragraphs are stats I pulled on the local market, directly from our MLS through the Las Vegas Association of REALTORS® for February 2023.

Sales Stats for February 2023: Sales increased by 22.93% to 1,723 homes, and the median sales price dropped around $5K from the month prior at $415,000.  This has us with around 4.35 months of inventory and an absorption rate overall of 35.79% (properties under contract vs. listed).  The average days on market for the Las Vegas Valley single-family homes sales market is approximately 60 +/- days, a small increase from the month prior.  Our sales inventory has really increased since last month and we are sitting at around 7,500 +/- homes on the market, with approximately 2,700 +/- homes under contract. 

Rental Stats for February 2023:  The median rental price stayed the same for the last 3 consecutive months at $1,900 in February 2023 ($2,337 in June 2022).  2,083 properties were leased in February 2023 compared to 2,023 homes in January 2023.  Average days on market for rental properties decreased slightly from the prior month to 41+/- days for February 2023 (compared to 15-20+/- during the summer of 2022).  Rental inventory in the Las Vegas market decreased again by another 7.36% from the month prior to approximately 3,852 +/- properties on the market equating to around 1.85 months of rental inventory.  Our absorption rate in the rental market also increased to around 17.32% (reserved rentals, vs current inventory), which is looking promising for us for Spring (HOPEFULLY!). 

That brings me to the conclusion for this month’s Las Vegas Real Estate update.  Tune in next month around this time to see how the market has progressed over the entire month of March 2023.  Until then, I’ll leave you with this… “If you are lucky enough to find a life you love, you have to find the courage to live it!” – Old Irish Proverb

Anna Klinger

REALTOR®, Property Manager, Broker Office Manager

Nevada Desert Realty, Inc.



March 2023 ©

Nevada Desert Realty
Klinger Real Estate Group
NVDRE B.1001526
40 E Horizon Ridge Pkwy, Ste 101
Henderson, NV 89002
(702) 509-1446
(702) 948-4910 fax