We have been quietly adding inventory over the last couple of years. As interest rates start to settle down a bit, more buyers are entering the market. This should lead us to a neutral market if the trend continues. At this point we remain in conditions that favor sellers, but buyers are able to be choosier than just a few years back.
The latest data from the RMLS show that here in Clark County, we had 1638 active listings and 584 closed sales last month bringing the inventory to 2.8 months which is a still very healthy. The median sales price last month was $550,000 with a high of $2.3 million and a low of $60,000. The average sale price was substantially higher at $623,078 suggesting that activity in the mid-level market may be on the rise.
Rates are starting to settle into the 6s which bodes well for buyers that have struggled to qualify with rates in the 7s.
The prognosis for the 4th quarter looks promising as rates come down and inventory softens up pricing a bit. We should continue to see very modest appreciation through the end of the year.
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