As of right now, June 2022, May has hit a record high in home prices, but is that it? Are we on track down the road to a weakening market?
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All right, so the big question for the Las Vegas real estate market right now is- Have home sell prices peaked?
We have definitely seen a big decrease in buyer traffic. Fewer showings, along with fewer buyers making offers. On the flip side, we're now starting to finally see the inventory that we've been short on for so long. As those two things converge, it really takes some of the heat that was in the market. We just came off of a record month, setting a new all time high in average sales prices in Las Vegas for May.
And now in June, it remains to be seen if we can top those numbers or even match them. I don't believe we're going to start seeing big drop back in prices, but more of a neutral market. Right now it's probably the time to price your home right in line with your closest comp. Now is not the time to be looking to go any higher at this point, unless you want to sit for months unsold, just to lower the price, or take your home off the market later on down the line.
You got to remember, though, this is not a bad thing! We have had insane growth in the housing market the last two or three years. So being at the peak, if you're considering selling now or soon- YOU'RE SELLING ESSENTIALLY AT THE PEAK- which is pretty much what everyone strives to do. With the gains we've had over the last two or three years, we're just entering more of a neutral market, which is not a bad thing at all.
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Until next time,