March 2024 Las Vegas Housing Update

Ever wondered how the Las Vegas real estate market maneuvers through the vibrant spring season, even in an election year? That's exactly what we're tackling on Vegas Realty Check with hosts Trish Williams and Tiana Carroll. We're peeling back the layers of the current market landscape, with a special focus on the impact of low inventory—a mere 3,300 single-family homes available—and the effects of lingering skepticism around federal interest rate promises. Plus, for those who aren't avid sports fans, we still examine how the city's expanding sports scene is influencing the real estate market.

Asbestos might just be the real estate equivalent of a serpent lurking in your living room—alarming and not to be ignored. We're cutting through the myths and highlighting the importance of proper asbestos education. If an older home has caught your eye, we'll guide you through the must-knows of testing and safe renovation practices to keep that spine-tingle at bay. And we don't shy away from discussing the newly minted California law mandating contractor and renovation documentation for homes sold within 18 months; a law that resonates with our own experiences of spotting those glossy but shallow house flips.

Wrapping up, we put the current market trends under the microscope. The contrasting paces of sales for single-family homes versus condos and townhouses are up for discussion, and we're unpacking the truth behind sellers clinging to ambitious price tags. We're serving up real insight on why pricing it right is the golden ticket and what the significant percentage of homes selling in under 30 days means for you. Arm yourself with knowledge and strategy from this episode of Vegas Realty Check, because whether you're a battle-tested investor or stepping onto the property ladder for the first time, knowing the market's pulse is crucial.

Transcript

Speaker 1: 0:16

Hey Las Vegas. Thanks for joining us back here at Vegas Realty. Check your local Las Vegas real estate news show. I'm Trish Williams and I'm Tiana Carroll. Welcome to the show, you guys, and it is our second week of the month, so you know what we're doing.

Speaker 2: 0:30

If you didn't like regular numbers, you're not going to love the number numbers show, but we are going over everything. Las Vegas real estate numbers. That happened in the previous month. So here we are in April of 24. So let's talk March.

Speaker 1: 0:43

Yeah, and these numbers. You know numbers are looking good, they're looking healthy, everything's like good, but I don't think they're as good as it could be for spring. Yeah, they're not spring numbers.

Speaker 2: 0:56

They're not spring numbers Because usually we have that like, let's say, march to August is the bulk of real estate. That happens, especially in an election year, which we're in. So you expect that bulk to be happening, not that business isn't happening and happening healthy, but it's just not happening as healthy as our normal springs are.

Speaker 1: 1:17

Yes, and the reason why the market still looks good I know we sound like a broken record, but it's the truth is because inventory is low and inventory has not gotten any stronger.

Speaker 2: 1:28

No, Matter of fact, today, on our single family homes that we have for sale, we have the 3,331 homes available. That's across all price points in the Valley for single family residents. Look at all those threes. That's a lot of threes.

Speaker 1: 1:44

That is a lot of threes, that is a lot of threes sold 407. Yeah, that's pretty decent week, yeah, I'd say. And uh, price reduction, still same three 56, three, 56.

Speaker 2: 1:55

So, um, I got you know. I have a lot of um agents who are on my feed on either any type of social media platform, right? And somebody was posting numbers the other day from a small town in the Midwest and they had seven new homes come on the market and I was like oh snap, we're in a completely different market than they are. Can you imagine like 10 homes coming on the market for everybody in your city to fight over? I mean obviously much smaller.

Speaker 1: 2:25

How many realtors are in that city? That wouldn't even. They would only need one. Yeah, Like that's what I'm saying. That's not enough to feed more than one person.

Speaker 2: 2:33

They'd only need the one. Yeah, I was. I was like floored when I saw that I kept watching. I was like that can't be real. Yeah.

Speaker 1: 2:41

That can't be real. Well, there's a city I can't relocate to because I'd have to find a new job.

Speaker 2: 2:47

Yeah, exactly, I don't know what I would be, or it could get hostile like take over.

Speaker 1: 2:53

Another realtor moved in. There's this big war going on because you got to have more than one option.

Speaker 2: 2:57

That should be like a whole reality show, like small time real estate when there's seven to fight over to the death.

Speaker 1: 3:03

I wonder how that works, because there's seven to fight over to the death. I wonder how that works, cause there's gotta be more than one, cause you know, like no matter what, there's always the people that are like oh yeah, I know that person's popular, but that's not my choice.

Speaker 2: 3:14

I want another option, so gotta be more than one but I don't think they should have more than two or three. But we'll see, it's just. It's just um. I guess we're so spoiled. Right In our business and in our town we're fast growing, we have a healthy market, things are happening, but it's not going to be that way everywhere. Especially, did you see? Yesterday they said that the feds will not be cutting rates on an election year.

Speaker 1: 3:40

Yeah, we'll see what happens. I'm to a point where I don't believe anything. They say Nothing.

Speaker 2: 3:47

Well, it's hard to believe anything they say, because what they say and what you see can be two very different things Like what we're living with in our day-to-day real estate in Vegas versus what you see on clickbait news can be very, very different.

Speaker 1: 4:02

Well, they did come out with this huge announcement in December we're going to drop rates four times this year, starting in January. We're headed right into this. Whatever they called it they had a fancy name for it, but it's like okay, everybody says, and they said it, so you're like okay, this must be true, this came from them. And then they didn't do it. They changed their mind, and they've done this so many times where I'm like I could care less what they say anymore, because we'll just see what happens. They're just as bad as the news.

Speaker 2: 4:34

Yeah, and then if you run the numbers from what our appreciation is versus how the interest rates aren't dropping but our appreciation is going up, it's still the same factor.

Speaker 1: 4:44

Like still get a spot because there's not much spots to get Right and that's just the reality of everything and you know our numbers. The last number we didn't report yet was we had 708 homes go into contract over the last week. Yeah, so that's good, or that's under contract steadily running, not just in the last week.

Speaker 2: 5:04

Right, that's everything that's under contract now. At the moment, yeah, usually escrows in our valley are about 30 days. We didn't go over the price reductions, which are small again, because we only have a 356 price reduction. So the price reductions keep getting smaller and smaller week over week and that is because the inventory right.

Speaker 1: 5:24

Yeah, you don't have to drop prices if you have no competition. So it's back to supply and demand. And Vegas, didn't we? I don't even know, I shouldn't even be saying it because I don't know the details, but didn't we have another sports team said that we're getting? Now You're like we got all the sports.

Speaker 2: 5:42

We got all the sports. I don't follow sports.

Speaker 1: 5:45

So it's like, really you seem like such a sports guy. Yeah, I know, All great to me, but uh, but I I seen an article this week is another sports team. I was like, oh, okay, great.

Speaker 2: 5:55

Yeah, more sports, more sports, more sports. And they did decide, finally, that they are going to implode the Tropicana, where our baseball team will be playing. The A's will be moving to a field built at Tropicana and Las Vegas Boulevard on the old Tropicana resort. All right, well, bring your s'mores, yeah, yeah. Well, it's going to be a minute, because they have to go in and remove all the asbestos first and there's got dust permits and asbestos permits and everything that has to happen before they can take that building down. Don't bring your s'mores. You don't want to roast them in asbestos? Okay, all the asbestos to their defense will be gone by the time the implosion happens, but will it? Yeah, it better be, we live here.

Speaker 1: 6:35

Yeah, come on now.

Speaker 2: 6:36

I don't know. Listen you know me and my conspiracy theories.

Speaker 1: 6:41

I don't know. I do know you, I'll be surprised if they do anything efficiently in this world these days?

Speaker 2: 6:49

I don't know, I got to disagree with you on that. I think the way they take down these buildings is really spectacular. I mean the sheer mass of the property, because they'll be taking down two towers that have been put up in different parts of the Tropicana's lifetime and they're going to come down and it's smooth and easy. It's going to be zippity quick. You're going to be like they're there, oh they're gone Right.

Speaker 1: 7:15

I have a funny thing to mention about the asbestos, just because it popped into my head.

Speaker 2: 7:20

You're like triggered.

Speaker 1: 7:22

Triggered, so okay. So Tropicana has asbestos. This is a thing, obviously, if they're doing removal, so people have been staying there in these hotel rooms.

Speaker 2: 7:34

So asbestos, as long as it is not disturbed, is not harmful.

Speaker 1: 7:39

Right, that's the point I was getting at, but it's usually sealed in with like paints and stuff, especially Tropicana.

Speaker 2: 7:45

How many times has that thing been painted?

Speaker 1: 7:46

It's buried under right, no, but um, no. That that that's the point I'm getting at is, um, you know, all these people have been staying there for years. No one like dropped dead in a hotel room because of the asbestos. But sometimes I will be at a home inspection and asbestos will come up and the buyers will be like, oh no, we're all going to die, we got to get out of the house now and I'm like huh, You're like, so you'll go stay in a hotel, not knowing if there's asbestos.

Speaker 2: 8:16

But listen, it's your purchase. If you don't want to buy with asbestos, you don't want to buy.

Speaker 1: 8:20

Well, no, I get. No, I get that in the removal process.

Speaker 2: 8:23

No, there's plenty to it and they can get rid of it because I've done it before.

Speaker 1: 8:25

Yeah, no, there's plenty to it. There's there, there's a lot there, but, um, it's just the. I'm always, um, I guess, kind of fascinated with the reaction of people. Like I've had like seriously like times where, like people are like covered their face, like oh my God, there's as asbestos or there could be asbestos, or the home inspection, the home inspector will say like something about the popcorn ceiling and because of the year, it could have asbestos, and then like literally like on the spot, they'll start freaking out and I'm like we've been in this house now for an hour.

Speaker 2: 8:55

Do you think now it's going to change? You think that that napkin over your face is going to make a difference after we've been here for an hour?

Speaker 1: 9:01

That stuff's kind of hilarious to me.

Speaker 2: 9:03

Well, I get the safety aspect and of course you don't want to know in asbestos, and mentally right, it's got to be a weird thing. Because what if somebody said we're going in a house that has snakes and you hate snakes? You're already going to feel weird and creepy and not want to be there. So if you're nervous about asbestos and you think that, oh, you have acoustic ceilings it was built in the seventies Chances are there's asbestos in there. I can see the fear. But after the initial reaction of fear then it becomes educating yourself. Like, okay, if I bought a house with an asbestos, what would happen? What you know? There's tests that you can do. You can have it remediated, abatement.

Speaker 1: 9:40

Yeah, and, and you definitely want to, before you cut into any walls cause that disturbs it. Yep, You're disturbing it in any kind of oh go ahead, Come back to this Before you cut into any walls or, before you do anything, you want to have an abatement done, an assessment done, maybe a test or something like that, even if your home is at the year where it would be at risk. Yeah, but just general everyday life. The asbestos is not like jumping out to get you. As far as I know, Right as far as I've been told.

Speaker 1: 10:12

I mean, we just found out the other day vitamin C doesn't help you. I don't know. There was a news report.

Speaker 2: 10:16

I don't know if this is true, Girl, I don't believe any of that, because I use vitamin ski on my skin and I believe I glow, yeah, well, yeah, there's all these like new research shows.

Speaker 1: 10:25

So like new research could show something different than I'm saying today later on.

Speaker 2: 10:29

So yeah, as of today. As of today, this is the story. Okay, so I want to go back to the asbestos removal. So did you see in California real estate they just passed a law that if you've done any kind of remodeling on a home within 18 months, if you're going to sell that property you have got to list the contractors and have receipts and everything. So you can't do like a quick shoddy fix and flip, buy a house, just come in and do everything yourself and then sell it. It has to be categorized and kept accountable and stuff. So that's the new law in California Renovations within 18 months of sale have to be documented for the sale.

Speaker 1: 11:11

I do. I kind of like that I kind of love that.

Speaker 2: 11:15

Yeah, I'm all about standards.

Speaker 1: 11:18

I like the standards aspect of it. However, I'm back to the. I think that the government shouldn't be in the middle of a buyer and seller purchase, where I do think that the seller should have to disclose whether the work, whether there was work done and who was, and I like that they have to post the contractors that did it, all the information about it, if there was a renovation, I do like that part of it.

Speaker 1: 11:42

If there was a renovation, I do like that part of it. However, if there was a homeowner remodel or something like that, that shouldn't prevent them from selling. I just think it should have to be disclosed.

Speaker 2: 11:56

Yeah, well, I think it is the disclosure, that is the information. They want to know that this house was a fix and flip or bought for the purchase and the remodel, and they want to know that the contractors that came in for the remodels are there. And I think it's to a professional standard. And I have to say, if you're an investor and you're doing this at a high level and you're doing these fix and flips, you shouldn't have any problem saying who your contractor is or whatever. It's very professional. But I know for a fact there is a flip company in town that when I run across their flips I tell my clients like things are going to be held together, it's going to look beautiful. It's like lipstick on a pig, it's going to look beautiful. But I assure you they only did the finishes and they didn't come in and change the AC. Look at it, it's still 1962 or whatever.

Speaker 1: 12:47

And sometimes they paint it and I'm like, seriously, you painted it to make it look newer.

Speaker 2: 12:52

Yeah, no. And so there's certain, certain flippers in this town that the quality of their work. I'm just like how did they even get away with selling this? I tell my client I'm like it's going to look pretty on the outside but you still have 1970s pipes and you still have the old AC and you know it's not as new as a new construction, it's just shiny.

Speaker 1: 13:12

I give those warnings as well. There was a certain person that was flipping homes here for quite a bit. That is no longer in Vegas now, but I met his contractor at one point in time and I was like I can guarantee this guy does not have a contractor's license for one.

Speaker 1: 13:33

It took a five second conversation to figure that out and I was like, oh wow, this is um and and again I. I gave my buyers that same interpretation of warning. Every time we walked into one of his, his houses. I was like it looks very very beautiful, but I've met the person that does his work and he's not very um right.

Speaker 2: 13:53

Yeah, I told you, I went into one of his houses and, um, it was the black and white home Depot remodel that they do with the uh tile and whatever, and it looked very nice. And then my client asked if they could use the restroom. I don't love letting clients use restrooms in a house, I prefer to drop them. Yeah, let's go to the gas station when we're done with this. But you know they had a kid with them or whatever, and they came out of there white as a ghost because the toilet didn't flush New toilet and the toilet paper holder on the side was like held on with double-sided tape.

Speaker 2: 14:28

Oh my gosh, so as soon as they went to do the toilet paper, the entire holder came off with them and I was like, oh yay, this is why we don't go to the bathroom in somebody else's house.

Speaker 1: 14:36

But luckily I had warned them about this before time and not when you move in, so that's good.

Speaker 2: 14:43

Yeah, yeah. And then it comes back to the importance of a home inspection. Right, that's why we do it. Yeah, okay, so we got completely off track.

Speaker 1: 15:01

No, that's fine. We have plenty of time, plenty of time to go over the numbers. So Arizona and California tend to be our baby, or we tend to be their baby sister.

Speaker 2: 15:05

Oh, I don't like that, you don't like that. No, I don't want to be related to California at all. Well, I don't mind, but we sort of take action according to what they're doing. So you know, we've got all of the rent caps and everything that's being considered because of California, and then now this I'm just wondering how long this law of having to be accountable for your remodel is going to take before it comes to us.

Speaker 1: 15:31

Yeah Well, there's a lot of things that are happening in California that I hope do not come to us. A lot, a lot of things.

Speaker 2: 15:43

It's growth, man. It's the way it's going to happen. Speaking of growth, why don't we talk about what we're here for today?

Speaker 1: 15:49

Sure, let's get into that.

Speaker 2: 15:51

We may have some numbers in March that we're going over. Let's talk about all the March numbers.

Speaker 1: 15:55

Okay. So March, march. How many units sold in March?

Speaker 2: 16:02

total For single family homes we had 2,082.

Speaker 1: 16:06

All right, and that was 590 condos and townhouses, so a little over 26,. What is that? 2,600, little over 2,600 between the two.

Speaker 2: 16:18

Yeah, so the townhouses are doing pretty good. They're only down less than 2%, but that single family homes is down over 10%.

Speaker 1: 16:27

You know, and that's why it didn't feel like such a spring to me, it's down.

Speaker 2: 16:32

Yeah, it's down. It's down about not quite 12%, if I'm being honest, but a little bit slow. But the deals that are happening are solid and the median home price range again because the stock isn't falling. Matter of fact, it's up almost 10% 465.

Speaker 1: 16:50

Yeah, absolutely, 465. Yeah, absolutely. And that median price home for median price range for condos and townhomes up 8.7%. So those are pretty consistent between the two. Yeah, new listings and, hey, the reason why we are short on inventory, even though it's up, it's a little bit up. We had 2,724 new single family homes hit the market.

Speaker 2: 17:16

You're on a whole other slide than me. All right, gotcha. No same slide, same slide.

Speaker 1: 17:21

Oh yeah.

Speaker 2: 17:22

Next column. I thought it zoomed in on my phone. I don't have my laptop in today, that's so.

Speaker 1: 17:27

And I downloaded reports and got just a page I don't know A screenshot. Something went wrong with the download. I don't know what happened.

Speaker 2: 17:33

It's like what did they call that Mercury retrograde? Yeah, here we are, our technology's on the fritz. It's fine, all right. So 2,724 new listings for single family and 864 for the townhomes and condos, and both of those numbers are up. So up, 6% for single family and up almost 20%. Well, 18% for the condos and townhomes.

Speaker 1: 17:58

All right and effective months of availability. Hey, this is guys, it's a sad number, but this is what's holding your equity right now. This is what's holding your home values. No dispute about that there is, and this is exactly why your home values are holding strong because we don't have enough effective months of availability. And this month in single family or, I'm sorry, last month, march single family there was 1.6 months of availability. That hurts.

Speaker 2: 18:27

I do not like to see less than two months of stock in our valley, so 1.6 months is oh, that's down 10%.

Speaker 1: 18:36

Yes, that means it's nothing new listed guys. I and I've said this so many times before, but I just for the people that are just tuning in for a first time- now if you're new here yeah, If you're new here. If nothing new listed for the last month, we would be sold out completely in 1.6 months.

Speaker 2: 18:54

Yep, then it'd be over two months for condos yeah.

Speaker 1: 18:58

So that is Rough, Tiny, tiny number. But even though it's bad and even though we don't like seeing inventory that low, that is really what's holding your home values steady. If that number were to go up substantially, you would see prices drop.

Speaker 2: 19:13

Yeah. So with the announcement that they're not going to be doing interest rates and now that this stock is starting to dip below that two months or be right at the two months for the condos, it's making me a little cautious of how spring and then obviously it's going to affect fall will be right there in the election and people aren't going to want to make moves or whatever. So if you're a realtor out there, save your pennies because you're going to have a sad fall.

Speaker 1: 19:44

I thought it was over in 2022 or 2023.

Speaker 2: 19:47

Now we're just feeling the repercussions really of it all coming back full circle.

Speaker 1: 19:51

Well, here, yeah, but here's the reality. The election year is actually a very good year for buyers because you don't have a lot of competition. And again, the rates, with them not bringing the rates down, I get it, that sucks, the payment sucks, I've seen them. But again, you are way better off buying in a market without a lot of competition instead of buying in a market where there's a lot of competition and those rates one day will come down. And when rates come down, you're going to see. We've seen a surge in January, just with talk of rates coming down. So it can happen that fast. And in January buyers were like, oh my God, I missed it. I missed it. The prices are already going up. There's already all these offers and all this stuff is happening, and that happens so quick, overnight, so you miss the bus once it happens. So if you're ahead of it, when it's not happening, you're doing the opposite of what everybody else is doing. That's when you can get the best scenario.

Speaker 2: 20:53

Yeah, I do like buying in a uh in a spot that doesn't have a lot of competition. I did it at the end of 22 when the rates first went up and everybody was freaking out and I was like, oh, no competition, I'll take that one.

Speaker 1: 21:04

Yeah, it worked out great for me, yeah, and it worked out great for me, yeah, it works out great for everybody that I've seen do it in that scenario. And the rates again. They had announced that they were going to start adjusting them down, which means that that is somewhere in the plans, even if they're not doing it immediately.

Speaker 2: 21:23

Yeah, maybe they'll do it in the fall and it'll completely change my entire outlook of what I just said.

Speaker 1: 21:29

And they could. They could do it right before the election because that's what they feel like doing, for whatever reason, because they just do whatever they want when they want. But um.

Speaker 2: 21:39

They live their life like I do. They are funny.

Speaker 1: 21:45

Um, yeah, so, um, the under contract. Um, any, yeah, so the under contract. Where are we at Days on market? Let's go to days on market, okay, so you're looking at the screenshots yeah, well, they're on both our sheets and the screenshot.

Speaker 2: 22:02

Yeah, if you're going to go to the screenshot from the meeting yesterday, that's what you're looking at, right?

Speaker 1: 22:05

Yeah, but it's right there at the bottom of our sheet as well. I've got both screens open here. So days on market, less than 30 days. We have 62.5%, and that's why I wanted to go this way, because the screenshot's numbers off by 10. I don't know how that happened.

Speaker 2: 22:24

Yeah, I don't know how that happened either, so zero to 30 days.

Speaker 1: 22:30

Yeah, so 62.5% of the homes are selling in less than 30 days. Quick, yeah, quick, that is quick. The other 31 to 60 days is 14 and a half percent.

Speaker 2: 22:40

I know that's nothing. And 61 to 90 is even less than 10%.

Speaker 1: 22:45

Yeah, and those numbers just keep on trickling down.

Speaker 2: 22:48

Yeah, they just get smaller and smaller, unless, of course, you're the stubborn people. Between the 121 days plus those, are the stubborn guys. They are stubborn at almost 8%. I mean yeah, 8% sold in that 21 plus days.

Speaker 1: 23:03

I had a client, a buyer, make an offer on a home the other day. The home was on the market for 190 days. Okay, okay, that's a lot, that's a lot. Yeah, it was okay, like okay, and it was priced very high. And I'm like, huh, as we're going through the house, I'm like looking at the price, looking at the house, and I'm like this doesn't seem right. And I was like, you know, let me. And they're somewhat interested. And I said, before we even consider an offer, I, there's. I think the price is the reason why it's been on the market. Let's take a look at the comps, right. So look at the comps, oh, my gosh, it's off by like 30,000. Right. So buyers are like, okay, um, maybe we'll consider, you know, sending an offer and whatever anyway. So I reached out to the agent and they're like we're not taking a dime less than list price and the buyers have to waive the appraisal.

Speaker 2: 23:55

I was like, oh well, enjoy your time on the market Well eventually the market will catch up to you, because I've had that happen.

Speaker 1: 24:02

Well, it's caught up to them. They're not selling.

Speaker 2: 24:04

No, but I mean eventually that $30,000 will be at market value for them at some time. Because I just had this happen. I had a client in 2022 want a unit and then that unit ended up. They ended up getting a unit they didn't want and whatever, but the one that they wanted was still on the market. And here we are now, in the beginning of 24, and that unit is still on the market at the price. But now it's at market value because 18 months later the market has risen to what they're asking prices.

Speaker 1: 24:41

Right, I get that, but no, I mean the house was not worth any of that. They were like I think we could work with this.

Speaker 2: 24:53

But I love that they already knew it wasn't going to appraise and, like you, have to wait the appraisal because we're just being gluttons and greedy, so we'll take all the money.

Speaker 1: 25:01

They were like there's no chance. And another one like a month ago I had asked, I'm looking at it. It was a beautiful, that was a beautiful house, very beautiful house, everything. But again it was so far off I want to say it was like a hundred thousand off from the comps Wait a couple of years, it'll get there.

Speaker 1: 25:19

Yeah, and I was just like and my buyers are like yeah, like I don't, you know, I feel comfortable about this, whatever. So I called the agent and I'm like well, I know, Usually there's a price worksheet and sometimes there's something we don't see, and they come up with these numbers. Most people don't pick numbers out of a hat. So we called the agent and asked hey, can you give me an analysis, something to help convince my buyers?

Speaker 2: 25:46

Like I'd love to hear the roof was replaced and I have a new AC and the hot water heater's brand new, or you have a list of all this stuff, that that makes the, the adjustment justified.

Speaker 1: 25:56

And the buyers wanted to see that. They were like well, we'll be open to it if there's something that justifies it. And I called her and she was like no, I got nothing. And I was like no comps, you're not even trying.

Speaker 2: 26:06

And she's like no no, she's like uh, it's been 120 days. I'm all effort out, we're done here, if it sells great, if not whatever.

Speaker 1: 26:15

And she literally told me this this wasn't the price I suggested to my seller, but he won't change it. I was like, wow, you are not even trying, you are not even giving this your full effort.

Speaker 2: 26:24

Sometimes you know it as well as I do. Sometimes people are stubborn. No matter what you tell them, they always well. They act like you're not the one with the right information, or you're trying to dupe them, or you don't want them to have their best sales which you do.

Speaker 2: 26:38

You'd be like I want you to get everything you can get, but if nobody's willing to buy it, then nobody's willing to buy it. So the single family. Let's talk about the condos days on market. Sure, did I even? What am I? Oh, yeah, condos. I'm in the right spot. Okay, I'm zipping, zipping up, all right. So 56.3% of the condos and townhomes went under 30 days in Vegas last month and about 20% of them went from 30 to 60. Of them went from 30 to 60. And then these go down to almost 9% and then 6% if we're going for 60 to 90 and 90 to 120 days. But we still have stubborn overpriced sitting on the market over 120 day sellers in that townhome community and condos, because 8.3% of them are holding out.

Speaker 1: 27:33

Yeah, and the condos and townhouses are selling a little slightly bit slower than the single family residence, but that's not an issue.

Speaker 2: 27:42

Yeah, but those prices for those single family, I mean for those condos and townhomes, are all creeping up right, because the medium price listed was $295,000. The medium price sold was $282,000. Both of those numbers are up almost 10% on the sold side and on the medium side, up 2.5%. Wow, yeah.

Speaker 1: 28:05

So they're holding those strong values because we have no inventory. We have no inventory this number.

Speaker 2: 28:15

I love this number. This is the one from the slides that we're on now. Okay, I love this number too, because this number changes all the time and for so long cash has been king.

Speaker 1: 28:21

Yeah, so cash purchases are down 24.1%, down 24.1%. I'm like, no, they were 24.1%, they were down four. Yeah, so 24.1% of the sales were cash purchases.

Speaker 2: 28:39

Yep, yep, but those were down, but that number is dwindling because the numbers are down.

Speaker 1: 28:44

Yeah, so those were down 4%. Conventional sales, so there was conventional buyers. Those are conventional mortgages. Now, keep in mind, conventional mortgages right now have a higher interest rate than FHA.

Speaker 2: 28:56

Right, and that explains this slide.

Speaker 1: 28:58

Yeah, so you have PMI and things like that. Like if you do FHA, which are MIP, whatever, whichever acronym it is for that, but those are you know. So a lot of times people go conventional to avoid that, but you know, even if they can use FHA. But right now people are going opting for FHA because it's such a substantial difference in interest rates.

Speaker 2: 29:22

So anyways, and it's FHA had 388, almost 400 homes that sold and then that is 19.6%, which is up the 4% that cash lost. Down 4% FHA, up 4%.

Speaker 1: 29:37

And that's good. That's good for our first-time homebuyers. And that conventional number was 897 of the sales were conventional, which was down 1%. And, as I was mentioning before, that down 1% is because some people are opting for FHA, for the lower rates right now, yep, yeah, and VA buyers are veterans. So in really hot markets veterans have such a hard time finding homes Right for them because they, um, they're the competition, they're still like an old mindset that like just thinks that VA is going to be difficult or whatever. So there comes challenges for veterans to find homes, which is so sad and please stop people. But, um, the veteran cells, um, the VA cells are up. They were at 174, but up eight, um, they were at 8.7, 8.7% of those cells. It's up 1%, but that 8.7% is still a pretty good number for the VA.

Speaker 2: 30:36

That is a pretty good number for VA and I'm glad that we're in a market that they are getting into those homes and I really love to see, before investors or anybody else, I like to see owner occupants, people having a home and stability. That makes me happy.

Speaker 1: 30:53

Yeah, yeah, absolutely. Well, this show went by fast. It did.

Speaker 2: 30:59

I can't believe it's almost over. Well, not almost over, it is over.

Speaker 1: 31:03

We are done. It's over people. If you're liking our content, please like, share, subscribe, tell your friends and follow us.

Speaker 2: 31:10

Join us back here every Thursday at Vegas Realty Check and we're here every Thursday talking about numbers and the second Thursday of the month is all the numbers Solds and days on market and VA and everything we just covered.

Speaker 1: 31:23

Yep and check out our link tree at Vegas or, I'm sorry, realtycheckvegas. There you can find everything. You can follow each of us individually on social or follow our Realty Check social and you can see the show. You can see all the different places where you can download and listen to audio, so check us out there. You can send us listener questions that we will answer on the show.

Speaker 1: 31:54

Yeah, we usually do, but we didn't do it today and that's at. Is that Vegas Realty Check at Gmail? You can send them by email also at VegasRealtyCheck at gmailcom or you can post them on our link tree. There's a link that goes to that.

Speaker 2: 32:04

Yeah, and there's a link tree in the description. So if you're listening to this, the description will have the link tree as well, yep.

Speaker 1: 32:10

And that's realtycheckvegas. Thanks, guys, and we will see you next week. We will see you next week. Have a great week. Bye, vegas, thank you, bye.