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We recently released our latest Market Insights for Las Vegas and Phoenix. Here is our market overview of current market conditions and trends.
Active listings in Phoenix have continued to decline since September 2022, whereas active listings in Las Vegas have increased since April 2023. In both markets, closings have decreased while new listings remain stagnant.
Absorption rates have experienced significant declines from their peaks in late 2022 and early 2023. Currently, the absorption rates are 3.16 months in Las Vegas and 2.83 months in Phoenix.
Home prices in both markets peaked in May 2022. Since then, institutional-grade prices have declined by nearly 5% in Las Vegas and 4% in Phoenix.
Approximately 70% of all on-the-market properties in Las Vegas and Phoenix had been on the market for more than 60 days in Q4 2022. Currently, 60+ days on market (DOM) properties account for just 27% and 34% of Las Vegas and Phoenix inventory, respectively.
Following a trough at the beginning of 2023, sale to original list pricing in Las Vegas and Phoenix have converged at 98%.
Although average list prices dollar per square foot ($P.S.F) have declined in both markets, the 20-year high mortgage rates continue to make homeownership largely unaffordable for median income households.
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