In the past couple of months, housing for sale in Las Vegas has been experiencing an increase in availability. That comes as good news for buyers who’ve had a hard time competing in the midst of multiple offers. Three months ago, the valley had around a one month supply of homes. With the jump in interest rates, housing inventory levels jumped as well.
In the past 30 days, 2,886 homes have sold in Las Vegas and Henderson. Meanwhile, currently there are 8,452 homes on the market for sale. That means the valley has just under a three month supply of homes. While multiple offers have not vanished, they are mostly on homes under $200,000. In the mid-price range, buyers are starting to see a little bit of negotiating room and flexibility on price. In fact, September was the first month on record in the past two years that had actually experienced a decrease in average sales price.
Due to the increase in inventory levels, homes are also seeing an increased time on the market prior to selling. In the past year, homes were selling in a matter of hours up to one to two days. That has now increased to homes typically selling within a week to a month.
While the market has softened a bit, it’s still considered a very strong sellers’ market. A “normal” market is considered a six month supply of homes and at the moment, Las Vegas is well below that. So sellers should be able to expect favorable conditions for some time to come.