August 2024 Market Update

 As we welcome the fall season in Las Vegas, we're also dealing with the aftermath of California wildfires, which have brought unexpected guests like coyotes into our neighborhoods. With humor and heartfelt advice, we share personal anecdotes and emphasize the importance of keeping an eye on your pets.

Next up, we dissect the latest market trends for single-family homes. A slight decrease in available homes and a notable drop in sold homes signal significant shifts. Plus, fluctuating interest rates and attractive government loan programs are making waves. Our analysis highlights the benefits of the current buyer's market, including seller concessions and price reductions. Insights from Marcel's latest meeting reveal that vacant homes are selling faster and staging is making a huge difference. If you're in the market, now might be the perfect time to make your move.

Lastly, our comprehensive look at historical trends from 2019 to 2023 uncovers key events that have shaped the market. From the spike in listings in early 2019 to the inventory surge in April-May 2022, we dissect the factors influencing today's housing landscape, including the rise in home prices and mortgage rates. We also explore the shift towards more affordable options like condos and townhomes. For first-time homebuyers feeling the pinch, we offer practical advice and contact information to help you navigate your journey. Tune in for an informative and engaging episode that keeps you ahead of the curve in Las Vegas real estate.

Chapters

• 0:15 Real Estate Commissions and Wildlife Awareness
• 5:10 Real Estate Market Trends and Analysis
• 17:16 Real Estate Market Inventory Trends
• 23:43 Housing Market Trends and Analysis

Transcript

Speaker 1: 0:15

Real Estate Commissions.

Speaker 2: 0:18

Hi, good morning Las Vegas. Thank you for coming back here at Vegas Realty. Check your local Las Vegas real estate news show. I'm Trish Williams. We didn't know we were on audio yet Surprise, here we are.

Speaker 1: 0:31

I mean we should have it's ticking in front of us. But I'm Tiana Carroll, and welcome back to the show.

Speaker 2: 0:37

Yeah, so what we were talking about is one of our listeners who has been following us for quite some time, Keith yeah, pretty loyal. Yeah, he responds on almost every show that we have. And he made a suggestion. Yeah, I like the idea. I like the idea too. He wanted to know the history of real estate commissions. When did the seller start paying the buyer's agent and why? And, Keith, I haven't been in real estate that long because that was a long time ago, so that is going to take some research, but we are going to dive into that and we'll do a show around it.

Speaker 1: 1:13

Yeah, we will, and that'll be cool because I like to go down little rabbit holes. So it'll probably not only be the history of real estate, but when women could start to buy homes and when this could happen, and when that could happen, we'll see if we can come up with a whole episode for you.

Speaker 2: 1:27

Yeah, so um, thank you again. We love the listener feedback and we love the listener ideas, so really thank you so much.

Speaker 1: 1:34

We so appreciate you being a part of our tribe. So, if you're not already, make sure that you like share, subscribe, download and become and hit that notification bell, like the things, so that way, when we have shows every Thursday, you are notified and can be a part of our tribe yes, um.

Speaker 2: 1:49

And today we are in the second week of what month is it?

Speaker 1: 1:53

September? Can you believe it?

Speaker 2: 1:54

hello fall yeah hello fall, um, it's uh weather's uh cooling down a little bit. Can't tell anything right now, because you don't want to be outside, because it's smoky it is smoky.

Speaker 1: 2:06

We have all those California wildfires. All that smoke and stuff comes over that mountain and comes right into the valley.

Speaker 2: 2:12

Yeah, it looks like we have like a fog over the whole city right now.

Speaker 1: 2:15

So thank you, california, you're the best. Poor California. Don't give them a hard time. They're on fire, I know. I'm sorry, california, I am sorry.

Speaker 2: 2:25

I am sorry, that is very sad.

Speaker 1: 2:27

That's something that they deal with every year.

Speaker 2: 2:29

Yeah, and you know, one thing that was brought up to us yesterday in, you know, just a sales meeting that we had, is that I guess people have been reaching out saying that they're having issues right now with the wildlife because of the wildfires, Obviously wildlife's getting displaced and kind of acting crazy. And even here in the valley we're seeing more coyotes in residential neighborhoods that are not near the mountain areas, Because usually, I mean, I live near a mountain oh my God, coyotes all the time. So there's definitely a coyote issue, but now they're kind of getting more central in the city and things like that. So just be aware of that and if you have little little ones, little pets, keep them monitored.

Speaker 1: 3:16

Don't worry, we're going to have a bunch of white girls go out there. They're going to put little handkerchiefs around their neck and be walking them like pets.

Speaker 2: 3:22

In the next week or so those coyotes will be tamed and eating out of their hand the coyotes yeah, I seen a post of someone saying like oh, I found this pet and I'm going to clean them up. It was a coyote, but I think it was. I hope it was a joke. It was a joke, you don't know animal lovers.

Speaker 1: 3:39

Yeah Well, I got animal lovers who will pick up anything coyotes and raccoons and they just are like oh Fuzzy, you're my baby.

Speaker 2: 3:48

Yeah, well, they cause chaos. You know, in my neighborhood a few weeks ago we saw a very tragically dismembered cat. It seems like it once was a cat, but the neighborhood you know. Everybody found pieces of it all around. It was it was. It was horrible.

Speaker 1: 4:07

This is a terrible story, Trish it was horrible.

Speaker 2: 4:10

It was very horrible Like it was. It was bad. So I don't think coyotes are great animals.

Speaker 1: 4:16

Yeah, terrible stories and joking aside, that you do have to be aware especially if you do let your cats out at night or you do have small dogs or anything that there are wildlife in the valley and when there is storms coming or natural disasters right now, the smoke from all of the fire is triggering them, so they are just acting a little weird. So just stay out of their way, be cautious and protect what you can with your animals.

Speaker 2: 4:43

Yeah, yeah, I would definitely not leave your pets like unmonitored outside. You know, definitely um keep an eye out for them, even if you think you're in an area that's not um that doesn't have the yeah just just till we get through this.

Speaker 1: 4:56

Like I said, when natural disasters happen and animals have their own instinct and they're like Whoa, danger, let me get away from here. They're moving into the city and that's what's happening, yeah.

Speaker 2: 5:06

Yeah, yeah, so so, yeah, let's get into our market update. Just quick notes on well, let's start off with our numbers from last week and then we'll go into that.

Speaker 1: 5:16

Our regular weekly numbers.

Speaker 2: 5:17

Yes, all right.

Speaker 1: 5:18

So last week I mean this week, we're not going to do last week's number again, are we no? This week, this week we have 4,802 single family residents available in our market. So that's actually down a little bit from last week, a little bit.

Speaker 2: 5:32

Yeah, 329, sold Down a lot of it from last week.

Speaker 1: 5:38

Down a lot of it from last week, because last week let's see, I wrote it down there was 444 sold.

Speaker 2: 5:46

Yeah, so those sold numbers are dropping under contract.

Speaker 1: 5:51

Under contract this week is 549. All right, and what about those price decreases?

Speaker 2: 5:57

637. They're hovering around the same still.

Speaker 1: 6:01

Well, last week they were 537.

Speaker 2: 6:03

So there's, a little bit more.

Speaker 1: 6:05

Yeah, so that's. That's sort of what happened with our inventory. It sort of ticked up a hundred and 150 each week until we reached almost that, almost that 5,000 mark. And it seems to be what our price decreases are doing, just about 7,500 each week, just popping up there but surprise, surprise, rates have dropped.

Speaker 2: 6:24

The rates have dropped. I mean the the fed is um still has a meeting this month where they're going to maybe do an adjustment. And now yesterday they reeled it in and said they might not do that big of an adjustment because they still haven't. They are still not convinced.

Speaker 1: 6:39

Inflation is curbed, so even though we're like at uh, what was it? 2.9, i.9%, I saw um.

Speaker 2: 6:46

I'm not sure the percentage, but it's not enough to make them happy, and they said that if they do an adjustment, it's going to be a very minor adjustment.

Speaker 1: 6:55

So yeah, but who's surprised by that? Nobody.

Speaker 2: 6:58

That's why I've been telling everybody you can't trust anything.

Speaker 1: 7:00

they say, well, we'll see what they do their actions and their words seem to be very different.

Speaker 2: 7:09

Yeah.

Speaker 1: 7:10

But they could just be dropping it incrementally smaller and smaller. But who knows, when we get closer to November 5th.

Speaker 2: 7:17

Yeah, but organically the rates have dropped and we have some government loan programs like FHA, va. Those are like hovering around the fives right now, guys, so that's looking good.

Speaker 1: 7:28

There's definitely options out there, especially if you're looking to buy with all of the sellers giving concessions and if they're making these price decreases. That is a key indicator that they are willing to negotiate to make some deals happen, and it can be a win-win for everybody.

Speaker 2: 7:42

This is when you get the deals. This is when you get the deals. This is when you get the deals and some new builders are doing like some seller paid two, one buy downs, and those rates are in the. I seen one yesterday, that was 3.7.

Speaker 1: 7:56

I seen two with one of the builders. I only saw a 3.99 and I was like, Ooh, they're hungry.

Speaker 2: 8:01

They're getting. They're getting some good deals out there, guys, so um contact us if you want to get in on those deals, Cause when the market picks up, you're not going to get in on them. They're done.

Speaker 1: 8:11

Oh yeah, no, when we get into a competitive market, forget it.

Speaker 2: 8:14

Yeah, you're not getting deals, deals. Deals are only only in times like this. But um, before we go into the market numbers, I want to just bring up a couple highlights that I took away from Marcel's meeting yesterday, where we were reviewing market, like analyzing the market. One of the things is interesting enough the larger percentage of vacant homes are selling. 58.5% of homes that sold recently were vacant. Now, that's interesting, and there's a few things about that Could be flips, you know. Obviously, flips always give you the wow factor when you walk in.

Speaker 1: 8:49

Yeah, turnkey ready. Look at my new sinks and my new flooring and it's so awesome.

Speaker 2: 8:54

Yeah, more times than not, the homes that are staged are vacant homes. A lot of stagers will not stage occupied homes.

Speaker 1: 9:02

A lot of stagers will not stage occupied homes.

Speaker 2: 9:04

Yep, that's true, some will, yeah. And another thing is realtors. If a buyer sends and not all realtors are created equal so I'm not saying everybody does this, but I see it happen a lot Buyer sends a realtor 20 houses they want to see, they're like, oh, I love all 20 of these. Well, let's go for the easy ones first and we'll schedule all the vacant ones that we can get into without scheduling an appointment. If none of those work, we'll go to the backup options, unless there's like any that you're just like dying to get into. But if all are created equal, they'll start with the vacant ones on the first showing tour or the first few showing tours, because it's easier to schedule those than work around the appointment times for each seller.

Speaker 1: 9:48

So I just make my life harder than it needs to be, because every time I schedule, I work with everybody's schedule first and then I can just tack on those key innies at the end.

Speaker 2: 9:56

Yeah, because you can sprinkle them anywhere.

Speaker 1: 10:00

Anywhere. I need to fill in time. If I'm running a little late I could skip a key. Innie. If I'm running a little late I could skip a key any. If I'm running a little early, I could throw one in there. But I like to get the scheduling done. I also like to take sellers into occupied homes first, because then it sort of sets the standard that we're buying this used house. If you take them into two or three occupied houses and then you take them into a vacant, nine times out of 10, they go for the vacant.

Speaker 2: 10:24

It's never a fail. The vacants just present better, because nobody wants to see somebody else's life. Yeah, and very few people live in their home as if it was a model home. Oh, back jack. They live in there. There's the smells of whatever they had for dinner last night. You know there is that thing. So in a competitive market like this, or not a competitive market, a slower market like this, where we have a lot of inventory, the numbers are showing. Larger percentage of sales are vacant homes 58.5%.

Speaker 1: 11:01

Yeah, I was going to say almost 60% of homes that sell right now are vacant. Yes, Also, that goes to seller motivation, right? If a seller has a vacant house, maybe they're carrying two mortgages or something and they're much more motivated to get rid of that vacant house.

Speaker 2: 11:15

Yeah, no, definitely it's empty. It's not doing anything, it's not making me any money, it's not providing me a roof over my head. I need it gone. So definitely motivation is there. And then 37 homes. There's only 37 homes on the market right now under $300,000.

Speaker 1: 11:31

Yeah. So when we say there's 4,802 single family homes on the market, it's not that that's into the $300,000 price range. And then there's another 4,802 in the $300,000 price range, and then there's another $4,802 in the $700,000 price range no that is across the valley in all markets and that beginner or starter home, that $300,000, that goes fast and there's just not a lot of inventory there.

Speaker 2: 11:58

Yeah, absolutely. The bulk of inventory right now is between $400,000 and $600,000.

Speaker 1: 12:05

Yep, which is just above the medium price range.

Speaker 2: 12:07

Right, and I am seeing a lot slower activity once you get over $550,000.

Speaker 1: 12:14

Okay. So I disagree with that because I was reading an article put out by LVR and there were over 10 $2 million sales last week. I don't remember the details, but the whole article was saying how luxury home prices are the ones moving in the Valley faster. Yes, and that's correct, so more sales.

Speaker 2: 12:35

Let me restate my yeah, yeah, that is absolutely correct. And um, let me restate that statement 550, over 550 and under 800. Okay, yeah. That little window where you're not really in the entry level home and you're not in luxury yet, is our slowest market right now.

Speaker 1: 12:54

Yep Little stepping stool. Yeah, the stepping stone from the first time home buyer into a luxury price.

Speaker 2: 13:01

Yeah, Because that market where you're over five, 50 and under 800, you're in a market where a lot of times still looking for a mortgage and you're at the higher um you know you're, you're not, you're not qualified anymore for um any government program like FHA, you know. So you're in this higher price point, the interest rates are going to be higher and the payment's a lot higher, and that is the toughest market right now. Yep, Yep, Yep, Yep. Okay, so bulk of inventory. Three reasons why we have a decrease in buying activity. Okay, Reason number one what do you got? Consumer debt is very high right now.

Speaker 1: 13:40

Well, I think everybody's having a hard time. This inflation is killing me. I'm like $237 for groceries. I got like six bags. I was like what the hell Well?

Speaker 2: 13:50

what the analysis are saying is that people are starting to use common daily expenses. Use their credit cards for these.

Speaker 1: 13:59

Absolutely. That's where people are right now. I have at least three friends that I know of that are living on credit and I'm like, wait, you're getting charged interest for that. That is a bad move. They're like, well, we can't survive without it.

Speaker 2: 14:11

Yeah, so that is definitely a struggle right now. Consumer debt is very high. Right now. A lot of people are just waiting for rates to drop back to that payment. They're waiting for that payment relief, that payment to drop, to have some lower payments there. And, as always, so many people are waiting for the election. Is there an election going on? Not the LVR election.

Speaker 1: 14:37

The main one, the big Gs, the big circus that is happening.

Speaker 2: 14:42

Yeah, so they want to see what happens before they make their real estate decisions? Yeah, and then one more highlight point before we get into. But that happens every.

Speaker 1: 14:52

Every time yeah, every time yeah, and it doesn't matter.

Speaker 2: 14:55

It's the. You know. People are like, oh my God, this one is the one that's going to change our lives.

Speaker 1: 14:59

But we hear that every time we do hear that every time I have one, change my life Tell me, I'm wrong.

Speaker 2: 15:06

Yeah, so people are waiting to see what happens with that before they make any major decisions. Yep, and then the last highlight we had is VA cells. There's more VA cells than FHA, and a couple of reasons for that. They don't have loan limits anymore, which is nice, so VA has that flexibility.

Speaker 1: 15:32

They're not stuck to a certain price limit, the interest rates on VA loans are lower and zero down payment.

Speaker 2: 15:37

Gotta love a VA loan. Yeah and go in. Right now you're getting seller concessions, so this is the time where VA, VA buyers. Yeah, VA is shining right now. Yeah, they can. If you negotiate, if they, if they are able to get the right deal negotiated for them, they can go in with no cash out of pocket. Put your earnest money deposit, get it refunded back. I mean, that's happening in this market.

Speaker 1: 15:59

It is, so this is a great market for VA in this market.

Speaker 2: 16:04

It is. This is a great market for VA. Yeah, so we are seeing that, we are seeing some veterans take advantage of that and a higher rate of sales in the VA loan market. All right, so market update numbers. That was a bunch of good information, yeah, thank you.

Speaker 1: 16:15

Thank you. And now we get to look and take a deep dive into August of 2024 on all of our market updates.

Speaker 2: 16:26

All right. So how many single family units did we sell in August?

Speaker 1: 16:31

So August we ended up selling 2,138 single family units. Now that is up 6.4%. And then we had a total of 3,153 new listings, which was up almost 20%.

Speaker 2: 16:47

Yeah, that's where we're seeing that inventory increase.

Speaker 1: 16:50

Yep, and that gives us a total of available units of 5,268. And that's up a lot. That is up a lot. That is a big jump that we saw 35.7%, yeah.

Speaker 2: 17:04

Still two and a half months of availability, yeah.

Speaker 1: 17:08

It's still not much in availability, but much more than we had.

Speaker 2: 17:13

Yeah Well, once we get over, just like for statistics. Once we're over three months, we become in a balanced market and then, once we get over five months, we start shifting to what they call a buyer's market. So we're almost there at that balanced market.

Speaker 1: 17:28

Yeah, we almost made balance, but it's more of a buyer's market now it does feel so much more like a buyer's market.

Speaker 2: 17:36

Yeah.

Speaker 1: 17:36

Regardless of what the numbers say. This is one of those flukes that, because of where interest rates are, because of inventory, because of the election, because of everything that we've been through in the past three and four years, that it feels like it is a definite buyer's market. They're getting concessions, they are getting most of the repairs met, if not all. I mean things are happening for buyers in this market.

Speaker 2: 18:03

Yeah, absolutely, and we're seeing a shift right now too, in the median listing price versus the actual sold price, which is showing people are negotiating deals out there and they're selling lower than they're listed for. So our median listing price is 520. Yes, and what are they selling for?

Speaker 1: 18:22

476,875 is what they actually sell for.

Speaker 2: 18:28

Yeah, so we're seeing a shift there. Condos and townhouses those numbers are a little worse than the single family right.

Speaker 1: 18:36

All right, Give us those townhouse numbers. What do we have for units sold in our condos and townhomes?

Speaker 2: 18:41

Well, in single family units we were up a little bit and we were sold.

Speaker 1: 18:45

I mean a little bit, like you know, not quite 7%, but still a little bit.

Speaker 2: 18:49

Yeah, so units sold were down 10% in condos and townhouses at 573.

Speaker 1: 18:55

Yeah, yeah, which is crazy because usually our condos and townhomes are pretty in line with what's going on with their single family.

Speaker 2: 19:03

Well, the thing is, if you're able to get and this is just traditional consumer thinking if you're able to get, a good deal on a single family of course I don't want a condo or townhouse, right, Some people do prefer them, but most people will get into a condo or townhouse because it's more affordable.

Speaker 1: 19:21

Right, it's what they can get into.

Speaker 2: 19:22

Yeah, so we're being able to get deals negotiated on the single family homes, which people are just like bypassing the condo townhomes, because if they can work out a deal on single family, they'd rather have that.

Speaker 1: 19:34

If they want to grab one of those less than 40 under 300,000.

Speaker 2: 19:38

37 out there 37.

Speaker 1: 19:40

37. Come on, give us a call, we'll show you all 37. No, just kidding. They might not be pretty, but we'll show them to you.

Speaker 2: 19:50

Okay, so realtor joke, if you're in the business. You know, if you know, you know. Okay, new listings.

Speaker 1: 19:57

Those are up 23, 23, almost 24 percent yeah, 897, yeah, of those homes, yes, or condos, townhomes. That are new listings which give us an available. How many available units do we get? 1640, and that's almost double the up up almost 68 percent yeah.

Speaker 2: 20:21

I was saying double from single family.

Speaker 1: 20:23

Single family was 35.7%.

Speaker 2: 20:26

This is 68%. Wow, that's up a lot, that's up a lot.

Speaker 1: 20:31

That is up a lot because those were the ones that were flying off the shelves. Couldn't keep them in stock and now all of a sudden they've gone down a bit in the units sold. Now the median home price range there is sort of in line with what we're seeing in single-family homes. What they're listing for and what they're selling for are different. You got the numbers on those.

Speaker 2: 20:52

Yeah, there's not a huge difference there. They're listing about $299,900. And they're selling at $292,000. Not a big variance there. But our effective months of availability we're almost at 292.

Speaker 1: 21:05

Like not a big variance there, but our effective months of availability. We're almost at that three mark. Yep, yep. So 2.9. 2.9. No-transcript. Almost 90%, 87.3%. Is that effective inventory? That's available, that's nuts.

Speaker 2: 21:19

Yeah, so if you have a condo or townhouse on the market and you're wondering why it's not moving, that's why, guys.

Speaker 1: 21:25

That is why Because you've got competition in that space. Yes, you do Competition.

Speaker 2: 21:31

Yes, you do. So let's go to our days sold right, yeah, yeah, yeah.

Speaker 1: 21:37

Yeah, we got time on market for units sold so we get to do the comparison between august and july for that one. So these are the ones where we go our active days on market, zero to 30 days.

Speaker 2: 21:50

Uh, 66.8 percent in august not a huge variation there, though no, no, it's pretty close to July.

Speaker 1: 21:58

That was like 70%.

Speaker 2: 22:00

Yeah, yeah, not a huge variation. Um, taken up to 60 days, from 30 to six, 31 to 60 days, we have 19.7%.

Speaker 1: 22:10

Yep, that's actually up a little bit. It was 16.6 last month.

Speaker 2: 22:15

The numbers of 61 to 90 days 7.2% pretty consistent Totally.

Speaker 1: 22:22

That's almost identical to what it was in July, and then we got the 91 to 120 days is 3.2% of those homes are selling in that timeframe, which absolutely matched. July.

Speaker 2: 22:34

Yep Same exact number Twins. I wonder if they're the same homes.

Speaker 1: 22:39

No, those would be down to the 120 plus days, which is down a bit.

Speaker 2: 22:47

Yeah, so 121 plus days. We're at 2.9%, but not down just a hair from 3%. Yeah, we're down 0.1% 0.1% yeah.

Speaker 1: 22:58

But both of them were down from August of 2023, which was at almost 5% of the homes. Yeah, so, but those houses? We've said it time and time again if you tune into the show, you know that this market here moves fast and usually within 30, 45 days is when I mean up to 60 days. You're already looking at like 86% of the home selling within 60 days.

Speaker 1: 23:21

Yeah, yeah so you just it's very, very fast moving. When you finally decide to pull the trigger to sell your house, then expect 30 to 45 days, especially if you have the house cleaned, organized, staged, turnkey ready or vacant. Then those are all factors that help those houses move fast. Yeah, faster, faster, faster.

Speaker 2: 23:43

Yeah, looking on the next page on our historical charts, our number of new listings, even though they seem a lot higher single family is what I'm looking at they seem a lot higher of our number of new listings and availability still not as high as 2022 last quarter.

Speaker 1: 24:02

So we're still quite substantially lower and forget it, because everything before 2022 is higher.

Speaker 2: 24:08

Yeah, yeah, definitely. And then looks like and I don't remember this spike, but it looks like there was a big spike in 2019 of new listings and availability and I don't remember that, unless that was like end of quarter when, like, covid started happening.

Speaker 1: 24:26

I think no, no, all of these were the beginning of spring of 19, because it sort of goes through each month. Okay because it sort of goes through each month, okay, so that's spring, and then you see, like at 19, where it kind of drops down the beginning of 2020, and then it just goes bananas.

Speaker 2: 24:44

Yeah, 19 felt like such a healthy market. I really don't remember that happening, but it looks like it was short, so that could be why. And then 2022, where we seen that huge spike was when rates went up the first time. It was like April, may, 2022. And we seen this big influx of inventory.

Speaker 1: 25:05

Well, April, May of 22,. We had tons of inventory and closings. Those were all closing numbers.

Speaker 2: 25:12

No, those are new listings. Number of new listings.

Speaker 1: 25:15

Oh, I'm looking at number of closings. Oh, I thought you said it was on the next page.

Speaker 2: 25:19

Maybe I switched two pages over. I'm sorry. I'm looking at number of new listings. Okay, yeah.

Speaker 1: 25:23

No, the number of closings, forget it, that whole 20 to 22,. It was just wild. Things were just flying.

Speaker 2: 25:37

But we've seen. Things would just fly in, but we seen um during that. Uh, during april may 2022 is when we seen um inventory hit almost 8 000 yeah, yeah.

Speaker 1: 25:41

So we um.

Speaker 2: 25:41

And right after that fall of 22 is when the interest rates started rising and everything slowed down yeah, well, yeah, that was the reason for the increase, like it was around april may that we had the increase in rates, and that's where we started getting the more inventory, more, more inventory, yeah, okay. So what other numbers do we have to go through here?

Speaker 1: 26:02

So, number of closings.

Speaker 2: 26:03

That's where you just were. I was on a different page than you.

Speaker 1: 26:07

Oh yeah, I did. The market trends, the number of closings, and that goes in line with all of the things right, In the spring we have more closings, In the fall we have less.

Speaker 2: 26:17

Yeah, yeah, and we've seen the biggest drop there was that 22 to 23. Oh yeah, 22 and 23.

Speaker 1: 26:24

You just want to shave that right off of the graphs because they look sad in comparison to what our normal markets look like here in the Valley. Yeah, they're just lower.

Speaker 2: 26:32

Yeah, so we haven't hit that low yet, so that's good. Median closing price has consistently raised. It has not had much of a dip. That's going all the way back from 2017. All the way till now. We've seen a constant increase year over year in that.

Speaker 1: 26:49

Yeah, Because if you go back to 2017, that would have been in the $250,000 for the median home price range and I hate to break it to you kids it is no longer $250,000 for our medium home price In the Valley, it is $476,000. So, that's quite a difference, in a matter of how many years, from 17 till now.

Speaker 2: 27:14

Yeah, and that's still unbelievable to so many people. You know, when you talk to that first time home buyer that wants to get in the market and you know, wants a decent home, newer, you know, not, not something like older or whatever and they want, you know, the standard three bedroom, two bath. You know a newer home, 500,000 is pretty pretty much the range for that. You know, depending on home, 500,000 is pretty pretty much the range for that. You know, depending on location. Obviously location is a factor but um, you know that starter home, that's, um that, that's in that. You know, new turnkey condition, that's in the area like that you, you know, want to be in. There's certain areas of town that are, like, super popular with consumers.

Speaker 1: 27:54

Yeah, those are.

Speaker 2: 27:57

We're looking at 500,000 for that. You know, 470 to 500. And that that's a shocker to so many buyers who are just getting into the market.

Speaker 1: 28:05

Yeah, if you're a first time home buyer and you have to buy a $500,000 house and all of a sudden you're looking at the mortgage payment for that, you're like Whoa, whoa, whoa, yeah.

Speaker 2: 28:15

Like what's going on. I don't know if I want to pay that a month.

Speaker 1: 28:18

Well, you kind of have to. That's the way it works.

Speaker 2: 28:21

Well, it's the thing you talk to other people and they're like, oh yeah, I got my first home and my payment was 1300 or whatever, you know 1450. And they're like, yeah, I could do that. Then they contact us and they're like, what, $3,600. What? Yeah? So definitely there's a shift there where we're seeing you know that's, we've been seeing a lot more people going into those condos, townhouses as their first home. But now that the market's softening up and we're able to like offer under, get deals, get like concessions paid, that's, you know, we're moving back into that single family range.

Speaker 1: 28:54

Yep, yep, yep, yep, which is great. Yeah, everybody should have a home. Matter of fact, if you want to get a home or buy a home, you can contact us. If they wanted to get ahold of you, how'd they do it?

Speaker 2: 29:03

702-308-2878. I'm Trish Williams, if you're listening, and you can't see me talking right now, and they don't know who you are.

Speaker 1: 29:11

They just see you. They should automatically know. Oh, that's Trish Williams. That's Trish, of course, but Tiana, how do they get a hold of you? You can always call me or text me 702-379-9948. We appreciate you tuning in and being part of the show. If you like what you heard, make sure you like, share and subscribe, download, hit the notification bell, all the things to join us and be part of our community. We really, really appreciate you.

Speaker 2: 29:37

Yes, thank you See you guys next week.

Speaker 1: 29:38

Oh, and you can check out if you want any of our socials or anything.

Speaker 2: 29:41

Oh, yeah, go to our link tree realtycheckvegas. That is everything you can connect with us on social. You can follow us on YouTube. You can download us on audio. However you want to reach us, that's where we're at.

Speaker 1: 29:53

Yeah, and all of our community information, like when we do Trunk or Treats or any of our social events for our community. You can get all that information there as well.

Speaker 2: 30:01

Yeah, we do have Trunk or Treat coming up October 18th. That will be in Henderson at our Henderson office 2230. Oh, is it 2230? Corporate Circle, suite 250. Oh, suite 250. I knew there was a 250 in there, but you won't need to try to find the suite number. You will not be able to miss it. The whole parking lot will be filled with cars and we will be there in Wizard of Oz themes.

Speaker 1: 30:28

I might be doing a haunted tea party, oh okay, well, tea party Wizard of Oz, we're separating.

Speaker 2: 30:33

I jumped on the.

Speaker 1: 30:33

Wizard of Oz last year. Yeah, but I don't do the same thing year after year.

Speaker 2: 30:37

I do, yes, I do.

Speaker 1: 30:39

You're a Glinda goddess. Yes, every year I like habits yeah. Not me, different every year, yeah, so last year I did the Wizard of Oz, but this year I'm thinking haunted tea party, all righty, well, hey, see you guys there and thank you for tuning in. See you guys next week. Have a great week. See you, vegas. Thank you.