The real estate market is ever-changing, presenting both exciting opportunities and some challenges for buyers and sellers alike. Here’s where housing market updates become crucial. Packed with valuable insights, these updates paint a clear picture of the market’s current state.

Armed with this knowledge, you can make informed decisions aligned with your goals. Whether you’re in the market to find the perfect home to buy or sell your property for the best price, staying attuned to the latest trends empowers you to navigate the landscape confidently. So, let’s delve into the key trends and insights that shaped Clark County’s housing market in the first quarter of 2024.

Number of Homes Sold

In Q1 2024, Clark County witnessed 1,042 homes sold, marking a 0.86% decrease compared to the previous quarter, Q4 2023. This seasonal slowdown is a common trend as the first quarter is typically less active than the fourth quarter.

Compared to Q1 2023, there was a 1.17% increase in the number of homes sold. indicating a sustained demand for housing in the county. More buyers have come to terms with the new interest rates and are jumping back into the market.

Spring often brings a surge in housing inventory as sellers aim to capitalize on the favorable selling conditions, while buyers are eager to take advantage of the broader selection. Sale prices have been steady, though Days on Market are increasing. Inventory is still very low in most areas, so prices are expected to continue to climb.

Houses will continue to be bought and sold one way or another. The balance of this market is a great time to both buy and sell since we can have a win/win negotiation rather than one side of the transaction holding all the aces.

Median Sales Price

The median sales price for Q1 2024 reached a new Q1 high of $549,822, reflecting a 0.5% increase compared to Q4 2023. This upward trend indicates continued appreciation in home values, reflecting the ongoing demand for properties in the area.

There was also a 1.82% increase compared to the first quarter of 2023, demonstrating the county’s robust market growth over the past year. This surge in prices can be attributed to various factors including low housing inventory and strong buyer demand.

Interestingly, Q4 2023 also saw the highest median sales price ever recorded for this quarter. Additionally, homes in Clark County sold for approximately the asking price on average in March 2024. Though we are seeing price reductions before offers are received, there are still a few multiple offers situations in the starter home price range.

Sellers have to find the right price to get the offers written and that can be tricky right now. A great advice is to start with the middle or a little low in the range. Also, many buyers are requesting help with closing costs so they can buy down their interest rate.

Median Days on Market

In Q1 2024, the median Days on Market for homes in Clark County was 38 days, reflecting an increase of 11 days compared to the previous quarter. This uptick suggests a slightly slower pace in the housing market, with homes taking longer to sell during this period.

Seasonal factors likely influenced the rise of median DOM from Q4 2023 to Q1 2024. Additionally, increased competition among sellers or adjustments in pricing strategies may also impact the time it takes for homes to sell.

Compared to Q1 2023, there was a 7-day increase in the median Days on Market. This can be attributed to changes in buyer preferences, shifts in inventory levels, or variations in market demand.

While a longer median DOM may suggest a cooling market, it’s important to note that homes in Clark County are still selling relatively quickly. This indicates continued demand from buyers and overall market resilience despite the slight increase in Days on Market.

Mortgage Rates

Mortgage rates experienced a notable decline towards the end of 2023, but mortgage rates exceeded 7% for the first time this year. As of April 18, the average 30-Yr FRM stood at 7.1%. While that’s a welcome drop from the 7.79% seen in October last year, it remains higher than the 6.09% rates observed in February 2023.

The current stability in mortgage rates has prompted potential home buyers to weigh their options carefully. Some are considering purchasing now before rates potentially rise further, while others are waiting in anticipation of future decreases. Recent data show a modest increase in purchase applications, but there’s uncertainty regarding how many buyers can afford homes if rates continue to climb.

Despite expectations from forecasters that rates will dip below 7% later in the year, stubborn inflation numbers have kept rates higher than anticipated for the time being. The recent Fed comments and stronger-than-anticipated economic numbers indicate we may only see one rate change this year, if any.

It’s important to note that while mortgage rates play a significant role in the housing market, they are not the sole determining factor. Other factors such as inventory levels, economic conditions, and buyer sentiment also shape the overall housing landscape.

Conclusion

As we move forward, monitoring changes in the key trends like number of homes sold, median Days on Market, median sales price, and mortgage rates provide valuable insights into the evolving dynamics of Clark County’s housing market.

Whether you’re a buyer looking for opportunities or a seller aiming to maximize your property’s value and exposure, understanding these trends can help you make informed decisions in today’s competitive real estate landscape. If you want to delve deeper into what’s happening out there, especially locally, don’t hesitate to reach out for an in-depth discussion.