Las Vegas Market Report - June 2022

Las Vegas Inventory Finally Up, & Prices Keep Rising

 

June 2022 Stats Summary for Greater Las Vegas

The Las Vegas real estate market in June was truly eventful. After months of barely 30 days of inventory, new listings are on the rebound by as much as 61.5% with a 2 month supply. In the midst of this, average home prices are still soaring, up 19%!

June 2022 has proved a challenging time for buyers and sellers, inflation levels have reached over 34%, as a result, the Federal Reserve raised interest rates by three quarters of a percentage point in June, the largest interest rate hike since 1994. Higher real estate prices, combined with rising interest rates have tempered sales, resulting in almost 25% fewer sales overall, since the same time last year.

But, in spite of the rising prices and interest rates, the increased inventory has been a bonus for buyers, who now have more selection. Listings are averaging just 17 days on the market before selling.

Las Vegas Single-Family Home Sales: June 2022

June 2022 Single-family home sales in the Las Vegas area are down -24.8% from June 2021, but just 12.6% YTD. In the Greater Las Vegas area, Average home prices are up 19.8% (593.698)! This hasn't hampered buyers, as homes in Las Vegas are only remaining on the market an average of 17 days before being sold. Inventory is finally on the rise, with 2.1 months supply of inventory (up 61.5% from a year ago). Buyers aren't haggling over prices, single-family homes in Las Vegas are selling at an average of 100.7% over the list price.

Las Vegas homes with a casita are incredibly popular, especially with rising prices and higher rents, a guest suite makes the ideal mortgage helper.

Las Vegas Condo & Townhome Sales: June 2022

The June 2022 condo and townhome market in Las Vegas is also showing a decrease from June 2021 - down -22.5% and -10.6% YTD. However, new listings are up 24.5% and selling an average of just 16 days after being listed. Average sales prices for condos and townhomes is up 23.8% ($296,617).

We're also seeing a big demand for Las Vegas condo hotels. These are especially popular with out-of-town buyers. We've assembled a Condo Buyers' Guide of the top selling Las Vegas condos and townhomes up to June 2022. It's a great little tool for anyone considering a condo purchase in the Las Vegas area.

Current as of June 6, 2022. All data from Greater Las Vegas Association of REALTORS® MLS. Report © 2022 ShowingTime.

What's Building in Las Vegas?

Highlights of some of the featured projects and real estate news in the Las Vegas area for June 2022.

Oscar De La Hoya Buys $14.6 Million Mansion

Incredible custom home purchased by former boxing champion, Oscar De La Hoya for $14.6 million. This ultra-luxurious hillside home is located in MacDonald Highlands, Henderson and under construction by Blue Heron Homes. Located on almost an acre, the one-story home measures 10,460 square feet, with five bedrooms, seven baths and an eight-car garage. Blue Heron is known for their incredible designs and one-of-a-kind homes in communities such as Caliza, Dragon Rock, Obsidian, Section 10 and Shoreline.

"Swimply Big" Money Maker for Las Vegas Homeowners With a Pool

Do you own a Las Vegas home with a pool, but you're not using it as much as you like? Now you can turn that pool into extra income. List your pool on Swimply, the latest app to connect homeowners with a pool, with guests looking for a pool to use for a few hours. With average prices at $45 an hour, but up to $100 depending on the options, it's easy to create a lucrative income using something that's just sitting in your backyard.

Needless to say, with the hot Las Vegas temperatures, Swimply has skyrocketed in South Nevada. The company plans to expand it's rentals to tennis courts, private gyms and home studios.

Non-Stop Flights From Las Vegas to Orlando

This has nothing to do with real estate development in Las Vegas, but great news for those seeking a quick vacation. It's also encouraging for anyone with an investment condo hotel on the Strip - as this is sure to boost the need for short term rentals. Allegiant on May 27 began nonstop flights from Las Vegas’ Harry Reid International Airport (LAS) to Orlando Sanford International Airport (SFB). 

MGM Resorts Add Cosmopolitan to Its Portfolio

After investing in significant upgrades over the last few years, The Cosmopolitan was recently acquired from Blackstone for over $1.7 billion in cash. Now patrons of Cosmopolitan condos can benefit from the many exclusive amenities offered by MGM Resorts.