APRIL 2025 Las Vegas Real Estate Market UPDATE

Coming up, we have your April 2025 Las Vegas real estate market update. Hey everyone, I'm Steve. And I'm Kristen. We are The Thomas Group with Real Broker, your local Las Vegas and Henderson realtors here today to bring you your April 2025 real estate market update. Now there's been a lot happening in this like first quarter, you know, of the year. There's been some really big dramatic shifts between buyers markets and sellers markets in specific communities throughout town. And I'm going to tell you, if you are, you know, listening to this, I know we've got a lot of locals that listen to our market updates, you know, that are maybe preparing to sell a home. If you are in one of these communities, that's already shifted. You're going to want to know about it. I'm also going to tell you about a couple of communities that are teetering, teetering on the edge of becoming a buyer's market. So there's a few communities already in buyer's markets. There's a few communities teetering into becoming a buyer's market. And I'll tell you more about that. And what have you got? I have, oh, Las Vegas Review Journal did a really interesting report on institutional investors, which is something we talked about a lot, but we'll get into that. Awesome. Cool. Let's start with the single family home statistics, and then we'll kind of get into all those exciting details as we go. The median sales price stayed steady for the third month in a row at $485,000. We've been saying that it kind of like in certain markets, right, like it feels like there's been a softening. When we talk about like markets, Tristan and I were just before we recorded this kind of like discussing in more detail the market. And what we've come to determine is the average sales price has actually been increasing quite a lot, but the medium has stayed the same. So what does that mean, Tristan? Well, that just shows us in these statistics that the luxury market is doing very well, which when you look at the luxury numbers separately, that is certainly definitely the case. The luxury sales are up this year. Over last year, the ultra luxury, which is our $3 million plus market, is up as well. So that's why we're seeing the average sales price go up month over month, even when that median sales price is staying a little bit steady. I think it was over 22 sales over $3 million. Over $3 million. Yeah. And that's not including people that are building. That's only on the MLX, right? That's not on private sales and stuff like that. So why do you think that the market below $3 million, below $1 million, has been like softening a little bit? That's a really good question. I mean, I think there's probably still some uncertainty what's going on, globally with us, with what's going on with our retirement accounts. I think maybe people... Well, that's not true because I would say that, but moving on to units sold, our units sold are up 20% month over month and up 3% year over year. So I take it back. So it looks like there's just been quite a lot of high sales. I actually do think that the median sales price had jumped up so much like over the last couple of months that it's kind of just catching up to the rest of the market. That's where I'm at. I guess we'll see. Have you got the pending sales by any chance? Pending sales. Because that'll tell us what's going to be happening next month. Yeah. Well, that's interesting. Pending sales are about the same month over month, when normally we would be seeing sales increase. They're down 13.8% year over year. So it is showing a slowing down of the market. Yeah. A little bit of a slowdown. It was last year for sure. Yeah. And we've definitely felt that as well. You know, I own in a real estate group ourselves, Kristen and I, we can literally know when the market's slowing down just based on the amount of people that contact us. Yeah. And it's just been a little bit less recently. But yeah, it will be interesting to see what happens in the coming months. I'll be interested to hear about the condo and townhome market, because that's a whole different market in itself. So we've kind of talked about the demand side. The demand is increasing. We're up 20%, right? But inventory is also increasing. So we talked about the demand side. Let's talk about the supply side. So inventory is up 3.6 month over month, which, you know, isn't a big significant thing. But it's up 63% year over year. I think, can I just kind of piggyback? This is a good time for me to share some information that I found on, you know, specific communities. Before you get into that, I would like to say that overall, because I know where you're going, the market, I mean, the Las Vegas Valley overall, has 2.5 months of inventory. Right. Which, overall, that still favors the seller. And that is actually shrinking, which means that although our supply is increasing, the demand is increasing even more than the supply. Yeah, 100%. And that's, you know, that's a great kind of like 30,000 foot view, right? Of our macro economic, you know, forecasting and how we're all growing and things are looking together and demand. But if you are a buyer or a seller, this is why we say real estate is not only local, it's hyper local. Like it really, really, really matters what's happening in your community. Like, for example, coming in with nine months of inventory, which is, this is heavily now favoring the buyer. So buyers moving into these communities, you know, you can expect to get closing costs. You can expect to get, you know, pretty heavy discounts sometimes on the price. You can get concessions. I mean, you have a lot of leverage in negotiating. So coming in with nine months of inventory, which doesn't please me, because I've got a listing coming up here within the next couple of months, is in Iron Mountain Ranch. Oh, really? Yeah, Iron Mountain Ranch is- It's really nice up there. Yeah, it really is. Beautiful community. It's quiet, but pretty far out. So the, you know, your buyer pool for that type of property is very specific. So nine months of inventory. The next one actually really surprised me. Rhodes Ranch. Rhodes Ranch has got eight months of inventory. Interesting. Yeah, I mean, Rhodes Ranch, yeah, for those of you that might not be familiar, it's a guard-gated community on a golf course in the southwest part of the valley. And in my opinion, like going in, like this is like the best value guard-gated golf course community in the whole town. Right, your proximity to the Young Commons, your proximity to Summerlin, it's manicured extremely nicely. It's pretty. I think it's inconvenient to get in and out of. I wouldn't- I know you don't like- Because Kristen- I'm not a fan of- Kristen told me this, because when we were looking for a house, she wouldn't, she just didn't like, she didn't like coming in and out, which she does have a point. Like for someone like ourselves, who like be coming and going, you know, all the time, that, you know, it does have its challenges. So there's eight months of inventory in Rhodes Ranch. Sienna is coming in at six months. Really? Yeah, Sienna's coming in at six months. Do you want to tell everyone a little bit about Sienna? Sienna, it's a luxury 55 plus community in Summerlin. The builder, super top tier. They're no longer around, but they've also built some homes in Red Rock Country Club. So beautiful, 55 plus. But I'm noticing a trend, I mean, with Sienna and Rhodes Ranch at least, you know, they're on the higher, they're not like super luxury, but they're definitely like upper, higher. There's a big variety in Rhodes Ranch. That is true. There is a big, I mean, yeah, you can get a house in Rhodes Ranch for $500,000. Yeah, and you can get something in Sienna for a townhome. It's doable. So, but yeah, it's not, they're not like under that price point. Yeah, you're not a first time home buyer. Now, kind of teetering on moving into a buyer's market, just based on the trends, Southern Highlands. Oh, wow. It's got five months of inventory right now. I will say I just had a listing of Southern Highlands and we got multiple offers within a day. But luckily my sellers were amazing. It was staged really well and they let me list at a solid price, so. Well, I mean, now explain what a solid price is to people because sometimes when we say that, they think, oh, you sold it low. Yeah. You sold it fast because they wanted to get out or you sold it cheap. Yeah, no, no, I, we, I mean, how the offers that we got and where we ended up and with my negotiations with all the agents, I mean, we listed it perfectly. And I'm really grateful to my seller for trusting me to price it for them there, but it was not super low. We talked about listing it, you know, like 15,000 below what it was worth to get a bidding war, but we were able to list it, you know, just maybe a little bit under. Like 1%. Yeah, exactly. 1% when we thought it would sell for, and then we were able to get it up. Whereas the other day, if we'd only gotten one offer, they would have come in below what we asked, so. Pricing is so critical. Great example, like that I'm in right now, representing buyers. Property's been on the market for 40 days, right? In this market, in that community, that was determining it's overpriced. That way, it was on the market at 4.95, we reduced it to 4.75, and we ended up getting into a multiple bidding war and ending up paying 500,000. Yeah. So it just goes to show you that like pricing is critical because I used to be an auctioneer. I used to sell fine art Picassos and whatnot. And I can tell you when two people want one thing, that's when you get the best possible price for anything. And I'm a big advocate of pricing homes right because people say, I want the most possible amount for my home. I'm like, well, you need multiple offers. Yeah. Simple as that. So yeah, if you're thinking about selling, let us know. We'd love to give you an idea of what's happening in your community. Last community with five months of inventory, Mountain's Edge. So we've got- A lot of new construction going on out that way. So I could see that, and it's very far. Yeah, well, it does. It has a lot of new construction. So people at resales need to be aware of that. Like you need to know what your competition is like because essentially all buyers do is comparison shop. They don't really know price per square foot and what, you know, if it's a buyer's market here or inventory levels, they're just like, okay, I've got 500 grand. What can I get in this area? Yeah, exactly. That sort of thing, right? So that's all I've got for you. And really quick. I know I mentioned this before, but I wanted to jump in and say, when they're comparison shopping and they're comparison shopping with new construction, you have to remember that the builders are giving really, really insane interest rate incentives. Lenar below 5% right now, which actually leads me into something that I want to talk. But we mentioned tariffs last month. As of today, they were on, and now the country by country ones are off, but there's still a blanket 10% tariff out. When you're watching this, who knows what's going to be happening? But I can tell you the builders behind the scenes, you know, I get the inside scoop. And by the way, stay tuned. If you are interested in new construction, because I have a quarterly new construction update coming out. That's really valuable. Yeah, I'll give you more information. But behind the scenes, the builders are going to happily use the tariffs to increase prices on homes. It's half, like they're already doing it. Regardless of if they stick, if they don't stick, the prices are going up. So keep that in mind. And they're also giving you interest rate incentives too. So it just, it balances out. You're like, oh, I'm getting this great deal. But the house is on the interest rate incentive, which costs the builder 35,000. But the price of that house has also gone up 35,000. So keep it in mind. Good insight. Very good insight. I'm looking forward to listening to your quarterly new construction updates. Because that sort of data, you guys, is not readily available, right? It's something that Kristen's had to spend money on and in purchasing to be able to get that data to bring to you guys. So that's going to be really cool and interesting because we do still have a lot of land out here. Not a huge amount, right? But in comparison to other major cities. So there's still going to be a lot of new construction going on for a long time. So this is going to be really valuable information. So stay tuned. Absolutely. Okay. Let's look at condo and townhome. Is it kind of stagnating the same as our single family home market is? Well, the median sales price was up 1.2% to 306,500. That's up 8.5% year over year. Whereas the single family market was up 4.3% year over year. What we've been doing these market updates a long time and what we see is one goes like this and then the other goes. It's interesting, isn't it? It's like a yo-yo. It's like they're not both going up the same. They're stepping up. Yeah. So it's condo and townhome time to shine. It's their months, yeah. Well, this is interesting too. We were talking about with single family homes, the luxury market's really pushing up the average sales price. Well, with condo and townhome, the average sales price has not been increasing like it has with the single family home market. Okay. Probably because there's really not very many luxury. The high-rise market's separate. High-rise market's this whole separate beast that we do not include in condo and townhome. Gotcha. Okay. Glad you told me that. Yeah. So no luxury. Very little luxury in there. There's a few that are included in there, but not really. Okay. Units sold up 10% month over month, but we're only down 3.4% year over year. Pending sales, about the same as the previous month, down 17.7% year over year. So both single family, condo and townhome, it looks like next month's going to be a slower month than we normally see. Yeah, it feels a bit strange. Spring is coming into the summer. This is normally a really busy time. But yeah, I still think there's still a lot of uncertainty in the market. People just lost a lot of money in the stock market too. Yeah, then I think they gained a little bit back yesterday. Yeah. It's just uncertainty. Yeah. It's uncertainty. Yeah, absolutely. And let's look at the inventory. It's up 8.8% month over month, and up, oh my gosh, 87% year over year. But saying that months of inventory is at 3.9 months for condo and townhome, that's down 1.7% month over month, and up 93% year over year. It sounds a lot, right? But it's all relative because we didn't really have much. Yeah. So when we don't have a lot, when we have like 0.7, and then we're at 1.4, it's doubled, but it's still like super low. That's such a good point. Yeah, exactly. Yeah, so stay tuned. I mean, it looks like next month might be kind of another almost stagnant month, but it's actually healthy for the market, so. It is. It's nice for, especially when you're working with buyers, right? For buyers to have options. Yes. And for sellers to be willing to be able to work with them. Yeah. Right? So yeah, I agree with you. It's becoming a nice time in the market. I hope the prices don't decrease. Yeah. I don't think they're going to. Yeah, I don't. I think we're just in a kind of a leveling period right now, and we'll see what happens next. Okay. But with that, thank you so much for watching. If you need any help buying, selling, investing in the Las Vegas and Henderson market, we would love to help. Myself, Kristen, and our team can be found at thethomasgrouplv.com, and we look forward to seeing you next month. But for now, thank you so much for watching. See you again.