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
Las Vegas Real Estate Revealed: Record Prices, Growing Demand, and Market Insights
Can a thriving real estate market defy national trends? Las Vegas is proving it can. In our latest episode of Vegas Realty, we uncover the secrets behind the city’s resilient property values amid national reports of market declines. By examining July's data, we reveal why condos have hit their highest recorded prices and single-family homes are not far behind. Reflecting on the 2008 crash, we discuss its unusual impact on Las Vegas and explain how the market's typical stability and the influx of global businesses are fueling this growth. We also compare our local trends with other booming cities like Phoenix and Austin to show how Las Vegas is leading the pack.
Join us as we take a closer look at the robust market trends for July. With luxury sales in high-end communities such as Askaya significantly contributing to growth and an impressive 5% increase in single-family home sales, the data points to a thriving market. The condo and townhouse sectors are also buzzing, with a 70% increase in available units and record-high median prices. We'll break down the days on market statistics to show how homes are selling faster than ever, and discuss current inventory and sales numbers alongside the recent fluctuations in interest rates. Get ready for an insightful discussion on the dynamic Las Vegas real estate landscape!
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.
Don't miss out on the fun! New episodes drop every Thursday! Stay in the know about Las Vegas real estate with insights straight from the pros . Thanks for watching, listening, and sharing!
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Hey Las Vegas, welcome back to Vegas Realty. Check your local Las Vegas real estate news show. I'm Trish Williams and I'm Tiana Carroll.
Speaker 2:Welcome back to our Thursday morning and at the beginning of the month. I was caught unaware, but it's a market report.
Speaker 1:Yeah, second week of the month we always go over the market reports for the month before. So today is our market report episode. Yay, all the July numbers, yeah, so we get to look back at everything that happened in July. You had a new story that kind of correlated to today's report.
Speaker 2:I did have a new story in regards to it. It was saying that the condos in Las Vegas were recorded at the highest that they've ever been in the Valley, and our single family homes are now within $2,000 of being the highest they've ever been in the Valley.
Speaker 1:Okay. So yes, price is still going up, even though we have seen some slowdown.
Speaker 2:Yeah, no. If you look at everything like coming out of, like the National Association of Realtors or anything on a national level, they're talking about the market falling and 10 worst cities to buy in and things like that. But Vegas, ironically enough, are not on any of those bad lists. Usually, you have to admit we're on the bad list right?
Speaker 1:Yeah, we do end up on the bad list for a lot of things like schools.
Speaker 2:Yeah, well, we talked about that last year, that we got that increase in price per child and so we automatically raised in rank. So when the reports come out this year, we'll be ranked higher as a school district. But we're always on the, especially like after the crash of the 08 and we were, you know, foreclosure heaven and we had seen these huge price decreases. Because we've skyrocketed up so fast and even though we skyrocketed up in the beginning of the pandemic and around COVID, because of the growth of our city and all of the global business that is coming in here, we are maintaining those property values better than other places in the country who saw the same growth.
Speaker 1:Yeah, and about the crash in 08, although there now, let's be clear, there was nothing usual about that crash. The whole crash was completely unusual, but one thing that was very unusual about it is prior to that, whenever there was a slump, a dip, anything that happened in real estate, vegas was always pretty much One and two. No, no, no, they were not affected by it. Vegas was always strong and always held strong during times of recession or anything happening in housing Taxes cost of living that all makes sense.
Speaker 1:Yeah, Vegas always held strong. So people that were in real estate during that time I've talked to some people that were very, very busy during that time People that were in real estate during that time talk about how, when they heard the crash was coming, when they heard that this was happening, they were like, oh well, we're in Vegas, we're not going to be affected. So it was actually very shocking to professionals in the industry that we did get hit as hard during that as we did.
Speaker 2:Oh, I remember them calling us out all the time on it. You're going to get it. You're going to get it, you're going to get it.
Speaker 1:Yeah, well, we have a different perspective, then yeah, when it hit us, and it hit us hard, it was um, it was abnormal um, from what? Um? What most market shifts, um the way that they happened in Vegas.
Speaker 2:Oh, okay. Well, this time seems to be abnormal to me, because we usually are in line with like Phoenix, like whatever happens there, sort of happens here, but they are seeing almost a 10% decrease in their house value and we haven't seen that. Another big growth factor was Austin. Austin skyrocketed up and now that place? Well, according to all the news and the agents that I talked to out there, it's, you know, having a little different time than we are, a little more difficult.
Speaker 1:Yeah, and over this last week we had, you know, some from Friday through Monday. Rates had dropped quite substantially. Monday they dropped pretty substantially, along with the stock market and everything else, and then, as of yesterday, they surfaced right back to a little better than they've been the rest of the year, but not as great as they were looking on Monday.
Speaker 2:Yeah, and Jerome Powell did go ahead and say that he was going to make efforts to drop interest rates and everybody's projecting that to happen in September.
Speaker 1:Yeah, yeah, we'll see if he does what he says. He's not done what he says quite a few times already.
Speaker 2:Well, I think it all comes down to not as quickly as he wanted to, but we've been saying for like a year election year those prices are going to drop. So we thought it was going to be summer, but now it's going to be more the beginning of fall, but I still anticipate a drop in interest rate. Yeah, yeah, as most people are anticipating it, so that might give us a crazy fall and winter.
Speaker 1:This is true.
Speaker 2:That'd be awesome.
Speaker 1:This is true, so our market numbers for this week.
Speaker 2:Well, yeah, our Las Vegas single families All right 4,541.
Speaker 1:So it's slightly lower than it was last week, but still creeping up there.
Speaker 2:And then we got solds. Our solds were a little shy this week but I'm going to assume beginning of the month maybe I don't know, the market's been slow.
Speaker 1:The market has been slow.
Speaker 2:I've been seeing it and sellers have been motivated.
Speaker 1:Hint, hint, hint, hint, hint, hint. Yeah, the market's been slow. Um, we got, um, I I would say, from friday through monday we had or I I personally had a lot of activity driven by that rate drop. Yep, um, so that, but but again, that was a, that was a small window. So now we're gonna have to just watch and see what this wave of weight rates happen and if the motivation sticks with the buyers.
Speaker 2:Yeah, because only 374 sold yes.
Speaker 1:Price decreases. They came down a little bit from last week. They did yeah, not much.
Speaker 2:Not much Like by a handful, Slightly Still got less than 600. Price decreases 582, I think was the official number this week.
Speaker 1:Yep and under contracts are down a little bit at 528.
Speaker 2:Yep, yeah, but that's all subject to change. If those interest rates drop, that's for sure Absolutely. I mean just going just to like that 6.25,. There was phone call after phone call. After phone call I was like, oh hi.
Speaker 1:Yeah, monday FHA was approximately 5.75. Yeah. So that was like seeing under six people were like, whoa, yes, finally, now's the time We've been waiting for this, which is proof that little, small window and the amount of phone calls I received during that small window is such proof to everybody that as soon as we get some relief on these rates, these buyers are going to be all over it.
Speaker 2:It's going to spark up everything so substantially because just that little adjustment created motivation.
Speaker 2:Yeah, and there was a lot of motivation, more than I thought for sure. Yeah, definitely. So that just means people are lurking on the sidelines and they're just waiting for the opportunity to jump in. I did have conversations with people going hey, listen, things are going to get crazy if we're seeing that much activity and we see that many people wanting to come into the market and there might be a competitive environment. And that is when it costs you money. You don't want to be in a competitive environment. So even getting all of your ducks in a row and even looking to get into contracts that way, with the rate does drop, you can already lock that course would be prime. I don't know how many people are actually going to heed my warning and do it but that would be the best way to buy people.
Speaker 1:This is true.
Speaker 2:Be prepared to be one of the first ones in the market when they start to go.
Speaker 1:And highlighting just really quick. Last week we did a whole show on this NAR guidelines and the new rules and the new all this right.
Speaker 2:So many loopholes. This is hysterical. Go ahead.
Speaker 1:Over the last couple of days I did get three buyers into contract and all three of them sellers, have you know, we put the compensation in the offer, just like we're supposed to, and it's all. All have been accepted. So I have not seen any issues on that aspect of things in the current time.
Speaker 2:Do you think that that has to do with the fact that the market was co-op a day ago and then the next day it wasn't? So this is all sort of aftermath, with sellers that had already been primed for that. Because now I think it's going to be up to list agents to sort of prepare their client like hey, we can't offer in the MLS anymore, but they're going to be able to ask us for this compensation for the buyer agent on the offer. Be prepared for that.
Speaker 1:This new environment that we're in is going to set apart and it's going to be a huge dividing line between the professionals and the non professionals as a business, as as everything. And when listing agents are going and talking to their sellers, again we are not taking our negotiating the buyer's agent compensation. However, listing agents, it is going to be their duty to show them what scenarios of that are going to look like, because if the seller thinks that it is not going to be requested and they never have to look at that, that's not a correct concept to have Because it is likely going to be on the offers that they receive. So the listing agents really do have a duty to show those scenarios to the seller, even though we are not negotiating that at the listing table.
Speaker 2:Yeah, yeah. Well, I definitely think there's going to be a divide between the experienced, knowledgeable, hardworking, day-to-day agents and the part-timers and the people who aren't really in the business. They might do two or three deals a year as a side hustle. Then that's going to be a definite factor. I also think there's going to be a divide in buyers wanting to come into the market Now. If they fear that they won't have a buyer's agent, or they can't afford a buyer's agent, they might not even have the wherewithal to know that buyer's agents can negotiate that for them and come to terms maybe not with every seller, but with a bulk of them, I'm going to assume. So then it's also on the buyer's agent side to educate people who want to come into the market to know that, hey, it is still possible.
Speaker 1:And the uptick in unrepresented buyers, which we have had legal teams working on even within our brokerage, new forms to address that aspect, because there is an uptick in what we're expecting to be seeing from buyers that want to be unrepresented and the fact of the matter is unrepresented buyers. Still they cannot have that agent that's representing the listing agent prepare all their documentation for them. They're not representing them. So there's issues to be addressed with that too.
Speaker 2:So we're going to see some changes. Yeah, and different states are doing different ways, like in our brokerage. Specifically, we have an unrepresented buyer waiver that we now have to have people sign saying listen, you need to know that I am representing the seller and I'm not going to do any of these laundry list of things for you as a buyer unless I represent you as well. Right, but in California they're doing an open house waiver that when you come into an open house you have to sign off on that you are not being represented and that this person can only talk to you on behalf of the seller during this open house.
Speaker 1:Correct. We are going to have to have a lot of documents and waivers to protect our butts in this new world.
Speaker 1:Yeah, and back on the unrepresented buyer. There was an instance and I know we got again numbers, so this is going to be a very quick note. There was an instance with another agent in our office over those last couple of days. Unrepresented buyer approached her, wanted to submit an offer on the property but wanted to decline representation to be able to not have the fees or anything associated with that. And the agent then, as she should have, told the buyer she cannot prepare this offer on the buyer's behalf. The buyer's got to bring her the offer. However that may happen. Buyer says I don't know how to do it. So she then gave her the phone number for an attorney, because the buyer said that they refused to or did not want to have a real estate agent represent them. Buyer contacts the attorney Attorney wants to charge per hour, of course, because that's what attorneys do, and the buyer says well, I don't want to pay that either. So then ended up going back and coming back with a realtor representing them. So it's all about informing the consumer.
Speaker 1:That's what we need to do?
Speaker 1:We need to keep it constantly educated and let them know and set expectations of what they need to be prepared for and what real estate is going to look like, moving forward now that we do have all of these restrictions, yeah, and upholding the rules, because had that agent not upholded the rules and then went ahead, upheld the rules and then went ahead and um and prepared that offer, then you know we're in a, we're in, we're in a really messy area of representing someone who's not represented. Yeah, yeah, so, um, so yeah, be very careful out there, um, be very careful out there. So, july um, july, we, uh, we seen, um, you know our numbers in July still looked pretty healthy, I would say looking back, like looking back over the last month, uh, where I seen the softening or the decrease happened around mid-July. But I think overall July's numbers look pretty healthy.
Speaker 2:Yeah, and what was kind of interesting, july had a lot of luxury sales Our higher, like Askaya in one week, which is multi-million dollar custom homes and lots and stuff. They had three sales in one week last week. Yeah, that's great, and those are usually cash buyers. When you're in that price point, yeah, big boys come into play, yeah.
Speaker 1:Yeah, and our luxury market is substantially expanding in Vegas.
Speaker 2:Substantially. I remember last year or the year before making a comment on this show, like all of our luxury stuff is sort of dated looking and as I literally spewed that into the universe, every builder in town was like just kidding, we have all new buildings going up and then we saw them popping up everywhere. Which is some beautiful, beautiful options out there there, there certainly are um.
Speaker 1:So for our units sold last week, we units sold last month. We were up on single family units by about 5%.
Speaker 2:Yes, which is nice. 2,145 of them.
Speaker 1:Yes, median home price of units sold was up about 6.7%.
Speaker 2:Yes, which is always nice. Again, that market here is growing. We are not seeing these same sort of issues that a lot of the larger markets are seeing.
Speaker 1:Yes, and that unit sold was 400, or the median price point of units sold was 480,000.
Speaker 2:Yeah, which is so nice.
Speaker 1:We've been seeing this and tracking it week over week, so this is really no surprise, but worth mentioning that new listings were up by 25%.
Speaker 2:Yep, we have been talking about that. There has been some people coming onto the market and the median listing price is right there at 500,000, but that's up too.
Speaker 1:People are listing a little bit higher. The median list price, yes, but we've seen those in price decreases.
Speaker 2:We go over those every week. That it sort of stabilizes out because the actual solds were at 480,000.
Speaker 1:Yeah, and the new listings were at 2,962. So that was up 25% Yep. And then available units 46, 34, up 31 and a half percent. So that was that more inventory that we were seeing week over week when we were seeing those numbers jumping. That's where it's showing its face.
Speaker 2:Yeah, and that still doesn't give us. Even though our month of availability effective availability is up 25%, we are still only at 2.2 months worth of stock yeah, yeah, and that's single family units um in condos and townhouses um.
Speaker 1:Our units sold were up at just one and a half percent, just a just a little bit again.
Speaker 2:Uh, in condos and townhomes we are now seeing the highest price medium that we've seen and we are at 29,000 for your condos happening in the valley.
Speaker 1:Yes, and the number for units sold was at $619,000. New listings up almost 20%, 19.4% at $826,000.
Speaker 2:Yeah, that's because they all heard that, hey, condos are the most expensive they've ever been in Vegas, let's sell ours. So that went up like 20%. So now that and their median listing price on that was almost 300,000, 295,000 to be exact, and that's almost 5%.
Speaker 1:Yeah, units available. Ooh, that number Wow.
Speaker 2:Now the number doesn't seem so bad.
Speaker 1:It's at 1481, but that is, it's a 70% increase in units available. Yeah, again, when we've been reporting, we week over week report single family inventory, yep. But when we're seeing these inventory numbers spike, that's where they're at.
Speaker 2:Yeah, and that is all in that condo townhome. And our effective months. Even though it's only 2.4 months of inventory versus 2.2 months of single family inventory, that is still up almost 70%, 67.6% man. Yeah, that is a jump. It is a jump.
Speaker 1:Okay, totally yeah. So going into further down, further down into our, into our stats, are we going to do?
Speaker 2:our days on market. Sure, is that where you're headed? Yep, absolutely Okay. You just said further down, so I thought you were skipping all that, because that's just reiterating, right? Oh?
Speaker 1:further down on the page. Yeah, yeah, okay.
Speaker 2:So days on market.
Speaker 1:Okay, so we were, you know, over the past few months we're, you know, over the past few months we've been those zero to 30 days on market. We're looking pretty good.
Speaker 2:And now we're still looking decent on them. It's definitely a factor that Vegas is a fast moving market, because zero to 30 days on our market sold for July was 69.9% of those homes moved in that time frame.
Speaker 1:Yep and on the condos and townhomes that was 61.6% and just going from that since last year. Last year we were about the same. We were 68.7 in zero to 30 days in single family and we were 70.2, zero to 30 days in condo and townhouses. So those numbers are hovering right around the same, looking like seasonality right.
Speaker 2:Yep. Um, that's what you'd expect anyway.
Speaker 1:Yeah, 31 to 60 days.
Speaker 2:Yep Um go ahead, oh, Yep, Go ahead, oh. 16.6% in July of 24 that are moving in that timeframe which is different from last year July of 23,.
Speaker 1:we're at 14.5. So, yep, and then 20.2% in condos and townhomes, and upa little bit from last year, 15.4%, but nothing to be concerned over.
Speaker 2:61 to 90 days. Our 61 to 90 days for single family is less than 10%. 7.5% that are moving and that is almost identical to how it was July of 2023, because it's 7.4 now. Now it was 7.5 then. So, that's still a pretty slow version In our condos and townhomes. That's changed. We're at 9.4% now. That are staying that long, but they were moving quicker in July because I was at 7.7%.
Speaker 1:Yeah, from July 2023. Yeah, and then 91 to 120, we're at 3.2%, so very small margin of those homes that are taking that long to sell.
Speaker 2:Yeah, and there was a little tick up or a little slower at the beginning of July because it had gone down. In the over 121 days we're up to 3% there.
Speaker 1:Yeah, and even July 2023, that was 5.4%, so a little bit less there. And then in condos, um, on the 91 to 120, it's uh, it's 5% up%, a little bit lower than the year before 4.1. Yep, yep, yep.
Speaker 2:But all in all, I mean basically 70% of our homes and 61% of our condos are moving within the first 30 days of coming on market. Yeah, fast, fast, fast moving market. I know I say it all the time and I love that. Yeah, yeah, absolutely. I just couldn't imagine having like a listing or working with a buyer month after month after month after month after month. How frustrating that must be.
Speaker 1:What is that? Having a listing and working with a buyer.
Speaker 2:No, or working with a buyer like in other markets like that are moving within that 30 days, like I had clients who sold in Nebraska and it was like almost two years before they sold that house. Can you? Imagine selling a house for two years.
Speaker 1:I would be like Vegas.
Speaker 2:that's not going to happen here, but that's always an education especially when people are coming from other spaces, other cities for them to know that this market is fast.
Speaker 1:Yes, it's certainly a lot different than it is in other cities. Even like the little, like rural towns, they move a lot slower than we do. But I mean we have, we just have, we just have a lot, um a lot more, uh we're, we're a different environment than a lot of other places.
Speaker 2:Yeah, yeah, yeah yeah, vegas is its own special city, for sure which is kind of awesome.
Speaker 1:Yeah. And then, in summary, on our market, uh, trends are numbers of closings from the year before. Um, we're actually, uh, we're up um 5.1% versus the prior year. I know.
Speaker 2:So, more, more, more, yes, so we are definitely seeing those numbers in the green right, yeah, which is nice because they did when they pumped the brakes on the interest rates, they really did slow down the market a lot.
Speaker 1:Yeah, and that closing price in single family homes up 5.7% again from the previous year. Look at all that appreciation Looking up, guys looking up, and then numbers of new listings we're up 25.8% from the previous year. So, yeah, we definitely have that increase in inventory which I am predicting. We're up 25.8% from the previous year. So, yeah, we definitely have that increase in inventory which I am predicting we're going to see when we look back at August numbers If this fluctuation of rates does not hold the motivation that I've seen over the last couple of days, yeah, so make sure that you'll want to be here for that episode.
Speaker 2:So make sure that you join our tribe and like, share, subscribe and hit the notification bells so that way you are notified next month when we do this, so that way we can let you know what has happened in this market with those interest rates dipping.
Speaker 1:Yeah, yeah. Well, they're dipping, they're raising, they're doing, you know they're doing all.
Speaker 2:It's a little rollercoaster ride of interest rates. It always is.
Speaker 1:It's just a stock market. It's like a stock market you know it's going to. It fluctuates daily, but doing better than the actual stock market True. True, yeah, yeah. So yeah, we're definitely seeing some movement in there. But I like seeing the movement because when we were in a season there where every week we looked at rates and they hadn't moved. They weren't doing anything and people kind of lost hope, lost motivation, just backed off completely and we've seen a lot of that.
Speaker 2:Yeah Well, I wouldn't say backed off completely mentally. They had to have been in the game, because as soon as they dropped it was ring, ring, ring.
Speaker 1:Yeah, they just backed over to the sidelines and said I'm going to watch for now.
Speaker 2:Right, right. Put me on the bench coach.
Speaker 1:Yeah, put me on the bench. And again, that is there's. I preach this to people all the time that as soon as we have some relief in rates, we're going to see an enormous amount of competition. That's why buyers, especially first-time buyers, or you need those concessions or you want to negotiate these prices and do that. You don't want to be playing in the market with everybody else. You want to be playing in the market when everybody else isn't there, because this is proof these last couple days are proof that there's people on the sidelines waiting for that and as soon as there's that adjustment, they're going to flock it. Yeah.
Speaker 2:And then you're going to get the Monday morning quarterbacks that after they drop and the market's already starting to rise, they're going to come into the market and then you're going to have competition. So you want to get in at the beginning of that, when there's less competition, so you can secure those nice rates and still get things like concessions. It'd be a win, win. Win for a buyer.
Speaker 1:Separate yourself from the herd. Indeed, indeed indeed indeed, indeed, indeed, um so, yeah, um. So, thanks for tuning in um next week we'll, uh, we'll surface back to listener questions plus news headlines.
Speaker 2:We got all of that. Yeah, there's questions, news and headlines which I thought we were doing today. I was totally prepared to do it. You want to do it now? I'm just kidding. I wasn't prepared for market numbers but but here I am.
Speaker 1:Yeah, yeah, so, um, so yeah, we have that next week. Um, we have a community spotlight scheduled for the end of the month. So if you are watching us, like, share, subscribe, visit a realty checkvegas, keep following us, send us feedback, send us your listener questions I know you guys have questions out there. Let us know what they are and we can talk about them. We'd be happy to answer them, and that seems to be working out well.
Speaker 2:Yep, I like the listener questions.
Speaker 1:I love the listener questions, I love hearing it and I love addressing things. You know it's hard to predict what's on people's minds, but it's nice when we see it.
Speaker 2:Yeah, and we have a different perspective than people. Just from the listener questions that we've gotten, I'm like oh so they are in a different headspace than we are. So it's good to be able to answer those questions and help people out and sort of get them on the right track. And if they wanted to get on the right track, they could reach out and give you a call. How do they reach you?
Speaker 1:You can call me 702-308-2878. I am Trish Williams and Tiana. How do people get a hold of?
Speaker 2:you. You can always call or text 702-379-9948. And you can reach out. We'll have conversations, we'll talk about the market, whatever you need to know.
Speaker 1:Yes, guys, and for now, until next week, have a good week.
Speaker 2:Have a good week. We'll see you next week. Bye, bye. Good week, we'll see you next week, bye.
