Inventory Starting To Rise

Each month, we would see inventory dip lower and lower, causing frustrating bidding wars and home buyers who were starting to doubt that they would ever get into a home. Is that beginning to change?

Some Relief For Homebuyers

We are finally starting to see inventory rise. It isn’t rising by much, but it is at least moving in the right direction. In April, the inventory of single-family homes and condos rose about 22% over the previous month. It was also up 33% from April 2021. This is excellent news for homebuyers who had to jump at any home that hit the market since there wasn’t any other option.

Unfortunately, the increase in inventory is not yet translating into a decrease in price. Homes are taking longer to sell, which is good news, and buyers can have a little bit of breathing room when it comes to negotiations. You’ll still need to come in with a very strong offer, close to or over the asking price in most instances, but you might not have to waive contingencies like we saw buyers having to do last year.

New Builds Are Helping

Construction on new homes has increased, which gives home buyers another option when it comes to buying a home. Builders are swooping in and buying land, which will help alleviate Las Vegas’ inventory shortage.

Homebuilders Lennar and Taylor Morrison have huge plans for home building in and around Las Vegas. They both plan to start construction on new projects by the end of 2022 or early 2023, with a target completion date of winter 2023.

It’s Still a Good Time To Sell

Even though inventory is rising and homes are not flying off the market as quickly as they were a few months ago, it’s still a really good time to sell your Las Vegas home. Home values have continued to increase, and buyers are out in full force.

We don’t know exactly what the market will be a year from now, but we do know that we are in the midst of one of the most amazing markets for sellers. Don’t wait too much longer if you own an investment property or are thinking about selling your current home to either upgrade or downsize. You’ll get a significant return on your investment, and we would hate for you to miss out on that.

Give The Villa Group a Call!

The Villa Group is here for all of your Las Vegas real estate needs. Whether you are hoping to cash in by selling your home or are willing to take on the buying process, we are here for you. Give us a call to discuss your real estate goals.