Vegas Realty Check
Join hosts Trish Williams and Tiana Carroll every week as they provide comprehensive coverage of the Las Vegas real estate market. From market updates and current inventory to real estate news and expert opinions, this podcast brings you the latest information straight from the professionals in the industry. Unlike national news data, which can often be weeks or even months behind, Trish and Tiana provide real-time updates on what's happening in the local market each week. They also interview different professionals in the industry to provide a well-rounded perspective on a variety of real estate topics. Additionally, the podcast features bonus episodes, including "Community Spotlight," where a locally owned business is featured, and "Coaching Corner with Sharon Swanton," where listeners can learn how to improve their mindset to advance their career and personal life. Whether you're a buyer, seller, or investor, this podcast is a must-listen if you want to stay informed on the Las Vegas housing market.Trish Williams 702-308-2878 S.0175530 Tiana Carroll 702-379-9948 S.0178943Keller Williams the MarketplacesEach Office Is Independently Owned and Operated
Vegas Realty Check
June 2024 Market Update: Las Vegas Real Estate Market
Can a blistering heat wave actually influence the real estate market? Brace yourself as we unravel how the sweltering Las Vegas temperatures are impacting home sales, driving conditions, and even buyers' preferences for homes with pools. We also dive into the latest updates from Las Vegas Realtors (LVR) and the National Association of Realtors (NAR), shedding light on new commission negotiation rules and transparent consumer protection forms. The unexpected slowdown in June's real estate sales, coupled with the usual 4th of July slump, begs for a deeper understanding of the market's intricacies during extreme weather conditions.
Tired of battling with unresponsive home warranty companies? You're not alone. We share our exasperating encounters with lengthy hold times and unhelpful agents, contrasted by the exceptional service of Wave AC, a local gem in the HVAC industry. As we transition back to real estate, discover the intriguing trends within the Las Vegas condo and townhouse market, including a surprising rise in median sales prices and a notable increase in available units. With over 70% of homes selling within 30 days, we reveal the unique opportunities and rapid pace of transactions in this dynamic market, urging you to seize the moment amidst these fluctuating conditions.
Welcome to Vegas Realty Check, the informative podcast that dives deep into the world of Las Vegas real estate.
Our expert hosts break down the complexities of the ever-changing Las Vegas property market, analyze market trends, economic indicators, and unique property features to provide you with valuable insights on timing your home sale or purchase.
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Hey Las Vegas. Thanks for joining us back on Vegas Realty. Check your local Las Vegas real estate news show. I am Trish Williams and I'm Tiana Carroll. Welcome back to the show.
Speaker 2:I am Trish Williams and I'm Tiana Carroll. Welcome back to the show. Yes, and I hope everybody in Vegas is staying cool in our big heat wave that we're having.
Speaker 1:Oh my gosh, I seen a text message thread or whatever. That was like kind of spreading around social media. They said how's the weather in Vegas? And the response is have you ever been cremated?
Speaker 2:So true? Well, luckily, knock on. I don't have any wood here, um, but there has not been wind. When we get these like over 110 degree days in the wind it feels like a blow dryer.
Speaker 1:It's harsh it is it is it is so harsh and um, yeah, so um little bit of things going on. Um, we're a few minutes late today because nobody knows. Don't tell them. Don't tell them. I'm just saying traffic guys, please. There's been so many like deadly accidents and things happening. People, can you please two car accidents on the way here? Um, and I'm like is it the heat? Are people people trying to drive fast and get where they're going because of the heat, or does it have people delirious? What is happening?
Speaker 2:Yeah, well, I think there's an added layer of expediting quickly because of the heat. A when people leave the house, they don't want to be out in the heat and they just want to get to where they're going and do what they're doing. I think they're irritable.
Speaker 1:Most people.
Speaker 2:I think they're irritable. Most people, I think, are irritable in the heat. I'm not. I love the heat. I'd rather be in the hot than the cold for sure.
Speaker 1:Yeah, it's getting ridiculous. Take your time to get where you're going. If you're three minutes late, like we are today, it's fine. The world will go on the world will go on yeah. But don't stop driving crazy people.
Speaker 2:And also there's been so many like breakdowns and stuff because of the heat that's going on.
Speaker 1:Yeah, yeah, yeah, that's a. It doesn't do well for those Tire explosions.
Speaker 2:Oh yeah, we're getting a lot of those. I saw a couple of those, like I'm sure, on the freeway, because if you came up the 215, you probably had to dodge some rubber in the road. I didn't come up the 215, but I have seen rubber in the road in various spots.
Speaker 1:Yeah, it's all over the place. Yeah, yeah, also in the news. I guess we're in the news. And what's been happening? Rates there's a lot of buzz about rates coming down.
Speaker 2:Every headline is rates are coming down. Rates are coming down. Looks like we've eased inflation. Fed says we're doing good.
Speaker 1:Can we have new rates? Yeah, yeah, and so our market numbers, which we're going to get in today's show, is our market update. So we're going to talk about June's numbers and we're going to see there's been a decline in sales. There has A pretty large decline.
Speaker 2:I was shocked at that. I'm not shocked. I mean, we do numbers every week, we have a very good understanding of numbers, but it's just weird that here we are. Well, july it slows.
Speaker 1:I felt it last month. I felt the slowdown as we were in it. I was like whoa, things are ticking down. And they were ticking down pretty quickly and the inventory was going up week over week.
Speaker 2:So I was like, yeah, and we say, if you're a listener to the show all the time, that 4th of July is like a hard stop, like a pause on real estate, and that's happening in a heat wave. I had so many people, especially people who aren't from Vegas or used to it, cancel and reschedule because of the heat. They're like, oh, 118, we're good, we're not going to look at a house.
Speaker 1:Well, not only who wants to go show houses in this heat but also when you get in a house and they don't have the AC running because they're trying to save on energy. Talk about make your house not appealing, yeah, no, if you want to sell a house in Vegas in the summer.
Speaker 2:drop your AC just down as low as the gains on your AC can handle and people walk into a cold house and they're like, oh, I love this house.
Speaker 1:Get those endorphins running when they walk in the door, whether they like the house or not.
Speaker 2:they're relieved, they're like, yes, we'll take that.
Speaker 1:This is the house, this one's nice and cool.
Speaker 2:Yeah, same thing with pools, right this time of year. People who weren't even looking for a pool are now considering it for a month or two.
Speaker 1:Absolutely. It does stuff to your brain. I'm telling you, we got drafts yesterday for new forms released by LVR and they're still in the works, their drafts. But it's implementing the new rules with NAR. I was reviewing over the works. They're drafts, but it's implementing the new rules with NAR. I was reviewing over the forms. I am pleasantly surprised. Well, not surprised, I guess. No surprise at all. They lay out everything exactly as I was hoping they would.
Speaker 2:Yeah, the forms are pretty. I mean, just so you know, lvr has had lawyers all over the country and everybody looking at these forms to make sure they're right. So the consumers are protected and, yeah, they're pretty thorough.
Speaker 1:They're pretty thorough. In my opinion. They're great. They make it very self-explanatory on all the new rules going into effect, and one of the things that I was hoping would be reflected in the forums which absolutely is is we're no longer going to listing appointments and negotiating both sides of commission. It's going to be solely up to the buyer's agents and that's going to be reflected on our listing agreements. And you know, obviously we have to give information, we have to let the sellers know what to expect.
Speaker 2:We don't want to first hear about that when they see it on the offer. They're asking for all of you to say they're buyers agent.
Speaker 1:It's fine Set expectations, of course, but they're great. I think they're very great. I think they're very thorough and I was pleasantly surprised to see that and I've read a little bit about the sellers and the NAR litigation are saying that it's not enough. Oh, they're saying thanks, but we're not taking it, um thanks, but we're not taking it or like the Settlements, not enough, and I just feel like they don't understand how a class action lawsuit works like they.
Speaker 2:Their lawyers got a lot of money 33% or something 33%.
Speaker 1:I don't know, lawyers got a big chunk of that.
Speaker 2:All of the real estate memes going around talking about and they're coming after our commission. We're 3%. These lawyers are getting 33%.
Speaker 1:And we're whatever. It's always been negotiable. There are different prices. You know, it's some summer three, summer two, summer two and a half summer.
Speaker 2:They're all across the board Summer four, summer five summer one summer none.
Speaker 1:Yeah, but. Um, but the lawyers have that you know set percentage and you know they took their chunk of this large settlement. And when the the seller seen what they were getting paid, they're like wait, wait what happened.
Speaker 2:This is the Nathan and Dow payment on a house.
Speaker 1:So, um, yeah, I wonder when? Um, you know, I I feel like the uh, the lawyers, the litigious society that we live in. When is this going to stop? It's getting out of control. It is getting out of control. So, um, that was another thing Home warranty companies. I wanted to go a little bit into that. I spent oh my gosh and I'm not throwing out names here or anything like that, but one thing that I do, because when we sell homes, we sell warranty plans.
Speaker 2:Well, I don't know that we sell warranty plans, but on the contract there is a space for a home warranty and then you get the option to decide like. You want to ask the seller to pay it. You want to pay it? Do you want to skip it altogether? Yeah, so the buyer will have the option to get a home warranty right there in the contract.
Speaker 1:Yeah, yeah, and I think it's a very smart move. I am an advocate and I do believe that warranties can be helpful. They're not. They're not perfect.
Speaker 2:No, they're not perfect, right, but they do they do, especially if you're sort of have a hard time saving like a nest egg to the side or anything like that, for home repairs. They will cover to some degree the depreciating value of the appliances set in place. And if you need an AC and let's say your AC is on the roof then there's certain plans that will include the crane, because that's a big expense when getting a new AC. So they definitely serve a purpose. Yeah, and we get asked politically correct, without saying I don't like home warranties, no, but we get asked a lot about them.
Speaker 1:What company do you recommend, or what's your experience or whatever. So I like to. For one, I don't like to recommend anything unless it's a true recommendation, Right. So one thing I do I have a couple of properties. One thing I do is I've tried a handful, a lot of home warranty companies.
Speaker 2:Yeah, I've tried a few.
Speaker 1:And good things and bad things about basically all of them. But when someone asks me for a recommendation, I base it on my own experience, so it's not really a recommendation, it's just my experience with this doesn't mean that your experience is going to be the same, but my experience with this company has been this, or my experience with this company has been this, which I feel like is a very, a very good way to handle that situation. Or the recommendation, because of course, company screws up and does somebody you know does a horrible customer service to someone. They might have treated you good, but that doesn't you know Mean that they're going to treat me good.
Speaker 1:Yeah, so you know it's not. I wouldn't really call it a recommendation, I just call it like an attestment from my experience. Right, oh my gosh, during this last week a week. Why would you ever have to spend a week?
Speaker 2:Well, we don't even know what you're talking about yet. On a warranty issue, okay, so, like you know, it was like a oh, I had one that I did three months with, so go ahead, tell me your story.
Speaker 1:I spent, I think, a combined of eight hours on hold with this particular company. It was insane and the thing that, like it, left me in the end obviously a bad you know a bad experience, what I would call a bad experience, but just awful customer service and just had me just really thinking about that. Like why is it acceptable for and I'm not just saying home warranty companies, for any companies, for these big corporations to provide such horrible service, such horrible experience, to say go ahead and give us your money and we are going to treat you like crap? Like why is that?
Speaker 2:okay, it's not, that's a red flag.
Speaker 1:Yeah, and then you like ask for help. You know, I mean, I was like, you know, let me speak to someone above this person, you know, and I, you know I'm talking to someone, you know it's a little higher up, I guess management, whatever, I don't know what you would call them and, um, you know, I'm just like, wow, you know, this isn't you know this person I spoke to, said this or said that, and she says, well, we have like 500 agents, that doesn't make a difference. And I'm like, so no one's held accountable for anything.
Speaker 2:Well, customer service is hard to hold accountable anyway. Like you have standards, like, say, you know a certain tagline you have to say when you answer the phone or what have you. But they're always working within the parameters of the corporate guideline of what that company is willing to offer and they can't say, like that's going to cost us money, so we're not going to do that for you. So then you feel like you're running on like a hamster wheel trying to get anything done.
Speaker 1:Right and I see the purpose of a home warranty is. In my opinion it's so that you don't have to deal with the hassle of you know something broke down. I don't want to have to like search and find people to fix this Right. I want to make this call they handle it. They send out their person, they handle the what's covered and what's not covered and everything.
Speaker 2:Right.
Speaker 1:Um, I, I, in a couple experiences I've had so far, I've had to not only find my own um contractor because they don't have somebody available in the area, or the person that isn't available in the area for like a month or something. It's crazy. So it's like you know, you have to do this, like do all the legwork yourself, and then you're like you know, the contractors that you had to find is saying like, hey, this is the problem. And they're like, well, no, I think this, or I think that you, that they're on the other end, not looking at it it's not their people and they're, like you know, scrutinizing whatever and just finding ways. It's just, it's horrible. So you had a bad experience.
Speaker 2:I had a very bad experience.
Speaker 2:I had not a great experience too, with a home warranty and on the flip side, I've had good experiences as far in my in my opinion, as far as home warranty goes, the best experience that you could have.
Speaker 2:But and I've also had some bad ones I had a dishwasher issue once and it took them like five or six times to come out and it was, I think, 85 or $89 each time to come out and it was, I think, 85 or 89 each time to come out to rectify the situation and it was more like putting band-aid, putting band-aid, putting band-aid, putting band-aid, and I was like you just need to replace this thing. And then, with the depreciation of the dishwasher, then they wanted to offer me a gift card from a big box store and it wasn't even a quarter of what an actual, like a basic dishwasher would be. And I'm like you've got all of these service calls and now you're just giving me like 150 or $200 to go towards a dishwasher. Like why did I even bother all the money that I spent already? I could have just bought a dishwasher. Yeah.
Speaker 1:And that that's kind of the same, the same deal they gave me, you know, but it was on an AC that like you know, just couldn't. It just needed a replacement.
Speaker 2:Yeah, I know a good AC guy. No, I and I know a good AC guy, but he doesn't work in that area.
Speaker 1:Um so, so he wasn't. Um, you know it's, it's out of town, um out of Las Vegas, so he's in Pahrump. He doesn't service Pahrump. But, hey, shout out guys, because it is summer and it is hot. Wave AC is amazing. Wave AC did great by me too, yeah, and they're somebody I would recommend because it's a family-owned business. Yep.
Speaker 2:Locally owned. They've been in it for years. They have great communication. Their systems are set up. You get calls and texts that they're arriving, what time they're going to be there. They know exactly what they're doing. You referred them to me when my AC went out and I love them.
Speaker 1:Yeah, no, I have used them so many times. They're the only people I will call for Vegas.
Speaker 2:I've already referred them twice now to people, and this was just. It wasn't even a month ago that I used them for my AC.
Speaker 1:Yeah, they're the only people I would refer in Vegas, because not only do they do a great job and they're thorough and they make sure it's done right, but when you call it's, I am so pleased when I actually get someone on the other line that cares, that cares about the issue, that understands what you're going through and will do everything in their power to help.
Speaker 2:Yeah. So the night after the top 25, when you were honored for top 25 women in real estate, that night when I got home it was warm in my house and I thought, oh, maybe I just draft the AC up, because I do turn the AC up when I'm not around. So I turned it back down. But by the middle of the night it was hot and early morning I was thinking who's a morning person? Trish is Trish. Who's your AC guy? Because I had called and text a couple AC places and because it was a Sunday morning I didn't hear back from them.
Speaker 1:And I was like that's terrible.
Speaker 2:And then I think about people who have disabilities or handicap, or for them to have to be in a situation where it's hot and uncomfortable in this valley and not get phone calls back. That's unresponsive. Anyway, you sent me the number. I had a few different people send me some contact information after the people I normally use had failed, and Wave AC was the only one that answered the phone and I was like sold, come fix my AC.
Speaker 1:Yeah, they are a great company. They definitely have my recommendations. So, raluca, we're sending it out to you. Yes, raluca, good job. She does the customer service. It's a family owned business. So she's the person that answers the phones over there and and coordinates everything. Um so uh numbers for this week. What are we looking at? Okay, I'll pull them up because I didn't take them down this morning.
Speaker 2:You didn't write them down here. We'll both look at the screen, okay, all right, so today's single family active residents uh, we've broached that or we've passed that 4,000 mark again. So 4,097 active homes in the Valley this week, yes, and our solds dropped.
Speaker 1:Solds are sad Guys.
Speaker 2:They dropped I don't know what happened last week I was looking at that it was the first of the month.
Speaker 1:excuses that we're going to do Fourth of July, fourth of July Holiday, first of the month Election season, we got the perfect storm here, it's like a trifecta. You know they have the little chart with the lines, and the charts are such a great visual. I looked at the chart and it was like down, yeah.
Speaker 2:But I mean down, it's 303. It's down, so it's not like it's 100. We're being a little dramatic on our end, but yeah, it is down 303 and it is the first of the month. It is the holiday season, nobody had a lot of closings around the 4th of July and places were closed. So that's what I'm going to chalk that up to, okay, um and title companies were closed. 4th of July and Friday Yep, yeah.
Speaker 1:So closings can't happen if the title company is closed.
Speaker 2:It's impossible, it is impossible.
Speaker 1:Um, and then we have price reductions at 526. We do which? Those ticked up, yeah, Under contracts a little bit lower than they were last week, 511. 511. Yeah, so we are seeing a decline and getting into June's numbers. It shows that very clearly it does.
Speaker 2:Yeah, it does. So we're going to start and this is so. The numbers we just went over are for the last week in Las Vegas. But now we're going to do all of June because this is our monthly market update that we do when those numbers come out. So that way we know the health of the community.
Speaker 1:Yes, so let's start with single family units. Over June they were down almost 9%. That's a lot. It is a lot, that's a big chunk.
Speaker 2:That is a lot. There was a 2093 single family home sold 8.7% down.
Speaker 1:Median house price is still holding strong, though I know.
Speaker 2:It just keeps going and going and going.
Speaker 1:Yeah, so again that you know you can look at the reduction in sales. But you got to look at that number. You can't ignore that number. So that one is up almost 8% at $4.75.
Speaker 2:Yep, yeah, yep, yep, yep. It's holding strong Yep. And then in the medium price, new listings. That's up 7.3% at $509. Yeah.
Speaker 1:Nine $509. So they're listing a little bit higher than they're selling, which I'm seeing a lot.
Speaker 2:Yeah. Well, those are the price reductions, right, yeah, right, 526 of them.
Speaker 1:Yeah, new listings. We've seen inventory scoop up this last month, so we have 7.7, almost 8% new inventory and then those units available. They hit over 4,000.
Speaker 2:Yep 4,114 units available. Jacking that up 11.8%.
Speaker 1:Yep, but that puts us at two months of effective availability. That's up 22.5%. That's big.
Speaker 2:Because we've always been like we've got less than two months of effective availability. Now we've got two actual months. So yay us yeah.
Speaker 1:But they say we're not officially in a buyer's market until it hits three months.
Speaker 2:Right.
Speaker 1:So we still got some wiggle room there, guys.
Speaker 2:But we do have some wiggle room, but I don't want the inventory to shoot up if houses aren't moving. But maybe with all this talk of interest rates lowering we'll get I have seen some interest rates in new builds. They're going back like, um, they were pretty standard for about what do you say? Three or four months it's been new construction has been like we'll give you a 4.99 or 5.5 rate or whatever. And this week I started to see the adjustable rates coming back in. Yeah, first year 1.99.
Speaker 1:Yep, I know who we're talking about. Yep 1.99.
Speaker 2:And then the second year was like 2.99 and then 3.99. And then it goes up to like the 5.99.
Speaker 1:But yeah, so those are like the three one buy down, so the builders are offering those with rates. Rates have come down slightly, slightly, slightly so, um, but even that little bit has given them more room to uh work out those great deals on those three one buy downs. So builders are offering them, builders are doing price cuts, wow builders are doing anything right now.
Speaker 2:Taking offers Right they're taking offers, they're doing price cuts, they're offering incentives, they're paying for closing costs, they're doing rate buy downs or whatever they need to do to make anything happen in this environment.
Speaker 1:Yeah, so I always say that what the builders are doing is a good indicator of what the market is, because they have more inventory than each homeowner does.
Speaker 2:Right.
Speaker 1:That's a fact. That is a fact. That's just how it works when you're a builder. Yeah, condos and townhouse units those also took a decline. Yeah, those are down. Yeah, un units sold 605. It's not as big of a reduction. They're down 6.3%, but still they're down. But that median price range still up.
Speaker 2:The median price range is still up. It's at 295 for the average condo townhome in Vegas. Now they're taking the listings lower. Medium price range for taking those listings is $290. So, they're selling for more than what they're listing for. They're up 7.3% in the sales price. The units sold are down and the new listings are up almost 12%. Yeah, 828 new listings in condo townhomes.
Speaker 1:Yeah, and then the units available. Oh my.
Speaker 2:That sucker shot up.
Speaker 1:It almost doubled it, did it, almost doubled, you guys.
Speaker 2:Almost 50%. Yeah, it's up 47%. How many units we got available? 1367. Yep, which gives us like a 2.3 months of availability stock in the condo market.
Speaker 1:And that's up over 50%.
Speaker 2:Yeah, 57%, that was a big spike, big spike.
Speaker 1:Um so yeah, we're, uh, we're filling the heat guys, we're filling it here, but literally and figuratively, yeah. Is um, you know a good rule of thumb Um, what you do have to remember, you know, is um it's, you know a good rule of thumb. What you do have to remember, you know, is don't kind of let the numbers be freaked out or freak you out. There's opportunity in a market like this.
Speaker 2:Oh, absolutely Absolutely. There's been some great deals that we've put together in the past few months where you're getting good closing or rate buy downs or contributions, or even in new construction great deals can happen.
Speaker 1:Yeah, and I've seen a lot of sellers just say like, hey, send an offer, what's your offer?
Speaker 2:I'm willing to see what you're willing to pay and every list agent is like so we're going to get an offer. My clients are motivated. Would a flooring credit work If you didn't like? What didn't you like about the home? Oh, we can fix that.
Speaker 1:Yeah, take advantage of a bad situation guys, because it is those times you do not get those killer deals in a hot market.
Speaker 2:No, and it doesn't happen, Right? And if you weren't far between, I was talking to one of my investors the other day and they're like I know it's impossible, but I just want a miracle or a unicorn, Tiana, and I'm like you and everybody else, like I don't know what to tell you, yeah, but it's okay.
Speaker 1:I mean it is, this is the market for it. You know, I've seen a house. I had someone that sent me a house. That was I think it was a hundred thousand dollars over their uh, budget.
Speaker 2:They're like I know this house is 900,000, but I still think we should offer 650.
Speaker 1:Yeah, I know, but they, um, you know, they were like, hey, I know it's a little, uh, maybe I can come up with a little bit more. You know, maybe this, but like what, do you think that is this insane? And I was like, you know, I don't think anything is insane in this market. Let's shoot them an offer and see what they say. Um, they didn't bite. Oh I got a little excited there for a minute.
Speaker 2:I thought we had a unicorn. No, they didn't bite.
Speaker 1:But um, that doesn't mean that there's not sellers out there that will on that opportunity. If they have the right type of motivation, then this is the market for it. On that particular one, we're still going back and forth a little bit.
Speaker 2:At least you're playing the game, yeah.
Speaker 1:We're playing ball. They didn't say yes, but we have a little bit of back and forth and maybe something will come out of it. Maybe not, but this is the market to try out those situations.
Speaker 2:Yeah yeah, this is a try anything market. Shoot for the stars, what do you want? Or shoot for the moon, you might get a star.
Speaker 1:Fill your dream board right now. So, um, yeah, so what? What else do we have 30 days on the market selling less than 30 days on the market.
Speaker 2:So this is a conversation I have been having for months, because we have so many people who are interested in buying in Vegas, coming in and investing and what have you? They just don't understand how fast our market moves. And so these zero to 30 days where over 70% of the homes that go on the market are gone within that zero to 30 days over 70% of the homes that go on the market are gone within that zero to 30 days that is quick moving.
Speaker 1:It is quick moving. We're used to it because we see that often here, right.
Speaker 2:Because that's the business we do. But can you imagine if we picked up and moved to I don't know, nebraska or Iowa or something, and it would be like, oh, this house has been on the market 127 days. I would all of a sudden get the buyer mindset and go what's wrong with the house? Yeah, of course right, it's not the house, it's just the market.
Speaker 1:Yeah, we're used to seeing that here, and then 60 days up to 60 days where we've got a little bit more there at 15.3%, Right yeah.
Speaker 2:But the majority of the homes for sure, zero to 60, then you have almost the entire allotment of homes.
Speaker 1:Correct, correct, hitting that 90-day breach. We have a six and a half percent.
Speaker 2:Which is nothing Even less than that. 90 to 120 is 3%.
Speaker 1:Yeah, and then taking more than 20. 121 days 121 days, more than 20 days would be awesome. 121 days, that's that.
Speaker 2:72%, that's selling, but yeah less than 15% of the homes in our Valley are selling over that 90 day mark. Yeah, everything else is going quick.
Speaker 1:Yep, and the same stays pretty consistent when we're looking at condos and townhomes Yep 61.5% under 30 days 21.5. Yeah, 21.5. For the 60 days Up to 60. And then 3.1% up to 120 and 121, plus 4.3%.
Speaker 2:That's a little bit higher Yep and then the 60 to 90, you skipped over that. We got 9.6% of the houses sold, so just about 10% of condos and townhomes in that 60 to 90 days.
Speaker 1:Yeah, yeah. So overall again, I think we discussed this Well. No, I know we discussed this so many times on the show.
Speaker 2:We talk about it all the time.
Speaker 1:This is the season, this happens. It's nothing like. No one should be shocked at any of the activity or anything that's going on right now. This is completely traditional for this time of year.
Speaker 2:Yeah, and even on this information, if you go back, even the units sold, we're 0 to 30 at 71.6% of single family homes. But June of 2023 was 65.5%, so we're even up a little yeah.
Speaker 1:Yeah, yeah. So we're even up a little. Yeah, yeah, yeah. So, overall, one thing that I guess your biggest takeaway from this that I think people should look at is that median price of units sold is still holding strong.
Speaker 2:Yeah.
Speaker 1:However, I don't know why that's not reflected on these market reports. I think it should be. It's not reflected on these market reports. I think it should be. I'd like to see or I would assume those medium price homes are holding strong, the number of units sold and everything. However, I'd like to see how much of those have concessions, because I would say-.
Speaker 2:Yeah, they don't break it down like that.
Speaker 1:Yeah, there's probably a big chunk of those sold at a healthy price, but with concessions.
Speaker 2:Yeah, that's stuff that makes a difference, especially in an appraisal process when they're appraising a house. If those concessions are made that's not readily available on these forms, we'd have to go into like the MLS, and do the research ourselves. Do you want me to do that next month?
Speaker 1:Those, it's a that's those are property by property. So that would that would take a lot of uh, a lot of research.
Speaker 2:Yeah yeah. I made the stupid comment to a friend the other day in the parking lot. I was like, just send me the link, I don't do the research. And she looked at me and I started laughing. I was like, oh you're right, I'm, I'm a fall whole and do research, kind of girl.
Speaker 1:Yeah, but I would say a lot of those sold with concessions probably. I would imagine that number. We don't always track that or we don't track that number but I would imagine that number has jumped substantially.
Speaker 2:Yeah, a lot more concessions seen this year than last year. Yeah, yeah, I definitely have to agree with that. But 0.4% up in our medium home price range is a 0.7% growth from last year at this time in our price.
Speaker 1:Absolutely. We're growing, growing, growing. I love it. Yes, and fed is meeting on July 31st. That's what they keep threatening and let's see what they do. Let's see if they're looking at these market numbers. Because one more thing before we exit um is a nationwide uh, we're staying pretty um a lot healthier than other markets are.
Speaker 2:Yeah, and which I love, because usually Vegas takes the hit first, right, yeah, and we did not this time. No, no, and we're staying pretty consistent and pretty level, which is exciting.
Speaker 1:Yeah, we're holding pretty strong in comparison to what's happening around the nation Right.
Speaker 2:And I want to say that's because there's so much growth that is just happening in our state as a whole. Yeah, vegas is a magnet. The nation Right. And I want to say that's because there's so much growth that is just happening in our state as a whole.
Speaker 2:Yeah, vegas is a magnet, right now I mean we're localized down to Southern Nevada but the state as a whole has got so many big projects, so many international companies, just like. Five new companies were announced last month coming into Nevada internationally to help with like the Brightline and to help with like. We got like I think it was $21 million grant in UNR for to help them with a electric battery development technology in the school to create that pipeline, since we have the Tesla manufacturer up there.
Speaker 2:So all sorts of stuff is happening in the state which is keeping us healthy. We got money coming in and we've got a good economy, Yay.
Speaker 1:And I do think that the part, part of the slowdown that we always see around summertime, july, everything is like if you're moving here from another state. No one wants to visit Vegas in July. Yeah, yeah.
Speaker 2:July and August. So like oh yeah, they're like, let's wait till it pulls down there a little bit. I always say talk to me at the first snowfall, tell me what you think about that, cause we're not going to have that here. Yeah, we're going to be 65 at Christmas, so that sounds good to me.
Speaker 1:Yeah, absolutely All right. Guys, if you are watching our show, you like our content. You are tuning in to what we got to say. Please continue to do so.
Speaker 2:Go to our link tree that is at realtycheckvegas realtycheckvegas all the information, how you can contact us there. Join our community. We're here every thursday talking about what's going on in the vegas real estate market, so make sure you like, share, subscribe, join us again and we'll be here next week yes, thank you, guys, and we'll see you next week bye guys, have a good week you.
