November 14, 2024 • 30 mins
Discover the secrets to navigating the Las Vegas real estate market with our special guest Mike Cruz from Reside ,LLC, as we break down the latest trends and shifts in housing inventory. Prepare to gain a deeper understanding of how the holiday season and the political climate have uniquely shaped this dynamic market. With expert insights , we unravel the complexities between Fed rate changes and mortgage rates, and why they matter to prospective buyers and sellers. Get ready to explore strategies for making the most of current interest rates as we anticipate a more competitive market environment.
In this episode, we take you behind the curtain of the Las Vegas housing scene, analyzing the nuances of selling vacant versus occupied homes and why cash purchases are on the rise. Learn how VA loans are becoming a powerful tool in a seller-motivated market and why new construction is driving a shift toward a buyer's market, especially for condos and townhomes. We also highlight the increasing availability of single-family homes and share valuable tips for crafting competitive offers in a resilient market. From new construction incentives to pricing trends, this episode offers a comprehensive update on the Las Vegas real estate market, ensuring you’re equipped to make informed decisions amidst uncertainty.
Todays Guest : Mike Kruse
Reside , LLC
B.0146101
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 2 (00:18):
Hey Las Vegas, welcome back here to Vegas
Realty.
Check your local Las Vegas realestate news show.
I am Trish Williams.
Speaker 1 (00:26):
And I'm Mike Cruz.
Speaker 2 (00:27):
We have our guest, mike Cruz, with us today.
I'm so sorry for the choppyintroduction, mike.
Mike's a returning guest brokerof Reside Real Estate and Mike
is here to do our market reportswith us today, so we're excited
for the show today.
Talk about everything thathappened last month.
Speaker 1 (00:47):
Yeah, good, it's a great day to be here the market.
I'm excited about it.
Speaker 2 (00:52):
Yeah, yeah, I'm excited about too.
We're starting to see somemovement again, which is
phenomenal because we had acouple weeks of silence right,
but we're seeing it already inthe numbers and before we open
up with our market numbers today, I do want to give you a little
show update.
Tiana, the co-host, has beenhere with me for the past couple
(01:16):
of years.
She is sadly and happily movingon.
She has taken an executiveadministrative assistant
position with one of the topteams here in Vegas and we are
very excited for her.
It was a great opportunity.
We'll be having a clip airlater today.
That's her goodbye video out toour listeners.
(01:39):
We are going to be having a newco-host join us in the coming
weeks.
She is Courtney Baum with JFKFinancial, very versed in loans
and she's a loan officer, andshe is going to be also in
addition to our weekly marketinventory and real estate update
.
She's going to be providing usupdates on what's going on in
(02:01):
mortgages.
So I think it's going to bringa lot of value to the show.
We're excited about that, butwe are sadly saying goodbye to
Tiana and wish her the best.
It's just scheduling conflictscouldn't make it happen and we
are happy for her and her newjourney.
So if you guys are listening,shoot a comment.
We'll make sure it gets to herand I'm sure she will appreciate
(02:24):
that.
Yeah, so, mike, let's get intoour market numbers.
All right, yeah, you ready forit?
Speaker 1 (02:31):
I'm ready.
Speaker 2 (02:32):
Okay, all right, so our market numbers for the week.
Speaker 1 (02:36):
Let's start off with inventory For inventory, this
week we have 5,495 single-familyhomes on the market.
That's a little bit low fromlast week.
Yeah, it's gone down a littlebit, which is good to see.
After the couple weeks beforeand as we head into the holiday
(02:58):
season, I think we're probablygoing to stay around that number
.
Speaker 2 (03:01):
Yeah, I think it is.
I think that definitelyelections had people holding off
on all of their real estateplans regardless of what side
that you're on.
It's not a political statement,it's just a fact.
People were holding off onmoving forward with any of their
plans because they wanted tosee what's going on, and just
the uncertainty of everythingjust had people halted.
(03:23):
Now that that's behind us.
We are seeing people moveforward.
They're moving on with whatevertheir plans are, but there's
still some sellers that aresaying maybe I should wait till
the beginning of the year tolist.
Speaker 1 (03:35):
Right, yeah, definitely.
And as we hit this time of yearfourth quarter, elections or
not there's always those people.
People have things going onthis time of year.
They don't want to take thetime to get the house ready
right now.
They want to wait.
So I think we will seeinventory rise a little bit, in
January and February probably,but unfortunately interest rates
(03:57):
are what they are.
The good news is is it lookslike people are starting to
accept it and they're willing tomake the move.
People that have been waitingto buy a house.
They've been waiting to buy ahouse for a couple of years now
and they're really getting antsyand I think they've decided.
In a lot of cases I knowconversations I've had,
especially in just the lastthree or four days they're ready
(04:18):
to make that move.
Speaker 2 (04:19):
Yes, and the rates are definitely a factor.
And what's going on now?
Fed did another quarter percentdecrease, so over the last
couple months we have had 0.75%decrease in the Fed rate.
But what's been going on is thestock market's been kind of
looking great.
So people are taking money outof bonds, putting them in stocks
(04:41):
and that is making it to wherethe bond market is.
What's really going to affectthose mortgage rates changing
from the Fed rate?
Speaker 1 (04:50):
And that's what the consumers need to understand.
Yes, the Fed's dropping therates, but the mortgage rates
don't actually work off the Fed.
It works off the bond market,which, in conjunction, works off
the stock market.
So that's why rates are up fromwhat they were even six weeks
ago, almost a full point.
It's kind of sad.
Speaker 2 (05:11):
And this morning I seen the stock market had
dropped a little bit.
So I'm hoping that that doeswell for the bond market and
we'll start to see those ratescome down a little bit.
Eventually these Fed cuts willpour over into mortgage rates
yes, at some point.
Yeah, we just don't really havea crystal ball to know when,
right.
So that's you know we're allwaiting.
(05:32):
But I do agree with you.
There's been so many buyersthat are on the sideline for the
past two years that once thoserates are attractive and gives
them the opportunity to buy,we're going to see a market like
no other.
Speaker 1 (05:46):
I believe so.
Speaker 2 (05:46):
It's going to be crazy out there, so there will
be competition galore.
I'm kind of not excited aboutthe frenzy that will come up
when that happens, because allof these buyers that have been
sidelined are going to jump inthe market.
Speaker 1 (06:03):
And if people are waiting for interest rates to
drop, don't there's ways to getthe interest rates lower than
what they are for you?
I actually just did a video onit two days ago.
It's on my business YouTube.
So have a discussion with youragent.
That's the bottom line.
Speaker 2 (06:20):
What's your business YouTube channel?
Do you know it?
It is.
Speaker 1 (06:25):
Actually my business YouTube channel is LV Real
Estate.
Speaker 2 (06:28):
Okay, now that's easy to remember.
Yeah.
Speaker 1 (06:31):
And LV Homes by Mike on TikTok and Instagram.
Speaker 2 (06:34):
All right, so check out those videos.
See what he posted in hisanalysis on that.
That'd be great.
So we just reportedsingle-family homes, townhouses
and condos have 1,787 homes onthe market right now.
Speaker 1 (06:50):
It's high, yeah, however, the condos in
particular have been very highand I'm not really understanding
why.
But those condos and townhomes,they are a first-time
homebuyer's best-case scenario.
Yeah, because that isaffordable homes here in the Las
Vegas Valley.
Speaker 2 (07:08):
Yeah, what I'm seeing with a lot of older condos and
townhomes is their HOA dues arejust astronomical and I feel
like that is definitely with therates.
That's huge deterrence and insome cases affects qualification
.
But that's usually the olderunits and the reason why in a
lot of cases is the roofs.
(07:29):
They cover the roofs, theycover all these things and
they're hitting that age ofneeding to be replaced and those
are adding into the assessment.
Speaker 1 (07:36):
With that inventory number it seems a little bit
high.
But it also includes a lot ofnew construction.
There's a lot of standinginventory on townhomes right now
with new construction.
The home builders, All thebuilders, are in the townhouse
game right now.
So I think that's also why thatnumber seems a little inflated.
Speaker 2 (07:54):
Yes, and the builders are doing rate incentives.
Still, we locked someone in ata 3.99 FHA.
Speaker 1 (08:01):
I did also a couple of weeks ago.
Speaker 2 (08:03):
Yeah, that's awesome, so you are able to get some
really good rates with thosebuilders.
So for the week we have, newlistings are 836.
That hit the market this week.
Speaker 1 (08:15):
Yes.
Speaker 2 (08:16):
Yeah, and that's across everything.
Back on the market we have 154.
So those are homes that fellout of escrow and are trying
again.
Speaker 1 (08:26):
Right, and it happens .
There's a little bit of flux inthe general economy at the
moment.
Speaker 2 (08:35):
Yeah.
Speaker 1 (08:35):
And when that happens people get cold feet.
They change jobs, they buy acar.
It happens, they buy a car andthey can no longer buy a house.
Speaker 2 (08:44):
Yeah, or I'm seeing a lot of just our market is very.
I don't know if we'respecifically in a buyer's market
by numbers or by the data thatthey say is buyer's or seller's
market, but we have the feel ofa buyer's market.
So buyers are very finicky andsometimes it's just negotiations
on that repairs request.
(09:05):
You know that the seller mayhave taken a lower offer,
offered them a lot ofconcessions and then digs their
heels in the sand when it comesto the repairs request and the
buyers like Fine, I'll go findsomething else because it's too
easy to find something elseright now.
So price decreases are a 98.
(09:27):
Is that a correct number?
Speaker 1 (09:29):
I think you're probably missing a zero on the
end there.
Speaker 2 (09:32):
Yeah, I don't know what that number is.
We'll have to look at thatagain next week.
Under contract we have 275 thatare under contract as still
able to show and 428 that areunder contract no showings.
(09:53):
So that means the ones that areunder contract as show are a
lot of times contingent uponsale or some kind of like strong
contingency where the seller isnot feeling too confident in
them.
Speaker 1 (10:04):
Right, but those two numbers combined almost 700,
that's a good, healthy number.
That means for the month we'retrending about 2,800 homes under
contract.
Yeah, that's actually a littlebit higher than what we've seen
over the last month.
Speaker 2 (10:20):
Yeah, that's encouraging.
I'm sorry that was.
A price increase was 98, not aprice decrease.
See, I don't have my glasses on, I can't see well, price
increase was 98, not a pricedecrease.
See, I don't have my glasses on, I can't see well, price
increase was 98.
The price decreases are 814.
That sounds like a morerealistic number, I was like
what is going on here?
(10:41):
So 814.
So the price decreases are up.
So what I think is happeningthere is the people that are
like once the elections havepassed and they're starting to
see the buyer activity increaseand I'm having these
conversations with sellers tooNow they're ready to do an
adjustment that they may haveput off for a little bit, to
(11:02):
motivate and encourage buyerstoo.
Speaker 1 (11:04):
We all knew it was a little slow going into the
election, so they held off onthe price decrease until
afterwards.
Speaker 2 (11:10):
Yes, absolutely, and that was definitely the
conversations amongst manysellers during that time is
don't even bother adjustingbecause there's nobody really
out there.
Speaker 1 (11:20):
Right.
Speaker 2 (11:20):
Not many people out there at least Sold.
We have 510 sold for the week,which is a pretty good number.
Right that I mean essentiallythat would come up to 2000,.
Speaker 1 (11:32):
a little over 2000 for the month which is pretty
good.
Speaker 2 (11:35):
My favorite number for sold in a month is 3000.
Just uh, always been myfavorite number.
That's a really good market.
Um 73 expired.
Um 197 withdrawn.
Um, they just uh, pulled their,pulled their home off the
market.
So that is our weekly numbers.
(11:56):
Now let's get into our monthlymarket report.
A couple things I jotted downhere for our monthly market
report before we go into theactual number.
I want to just highlight on acouple things there.
Sold For the sold homes for themonth.
57.1% of them are vacant, sothat's a little over half of
(12:19):
them, that is, homes that were alot of times.
Speaker 1 (12:23):
Homes that are vacant are easier to sell than homes
that are occupied, and it'ssimply because of access and a
lot of home buyers they don'tlike touring homes when there's
somebody still living in thehome.
I know most of the time itcan't be avoided that you have
to live in your home until yousell.
But so many times the buyersare apprehensive.
(12:44):
They don't want to open closetdoors, stuff like that, and they
just have a hard time picturingthemselves in the home and it's
much easier to do when it'svacant.
Speaker 2 (12:54):
Absolutely, and sometimes they do staging on
vacant homes, things like that,so those do make them more
attractive.
Also on that point, 2.4% weretenant occupied that were sold.
That's a very small percentage.
We've seen it a lot higherduring stronger markets, but the
same thing.
Speaker 1 (13:18):
A lot of times those tenants are still living in the
home at the time that we'reselling it and, as difficult as
it is to show an owner-occupiedhome, it's way worse for a
tenant-occupied home.
Speaker 2 (13:24):
Absolutely.
The tenants do not have as muchcare about getting the home
sold as the owner does.
Speaker 1 (13:31):
Well, and in many situations they prefer it didn't
.
Speaker 2 (13:33):
Yes, yes, everybody.
You know it's always a thing.
I got asked even the other dayare foreclosures rising?
And I did a search.
I think there were 28 on themarket not a lot of foreclosures
on the market, and that wasacross every price point.
0.07% of the homes sold lastmonth were foreclosures and even
(13:57):
less on short sales which was0.04%.
Speaker 1 (14:01):
So we're just not in a market where we're seeing a
lot of those People still haveplenty of equity in their homes.
It hasn't been ripe for HELOCsor even refinances due to the
higher rates, so people are juststicking with what they have
where they are.
Speaker 2 (14:17):
Yes, yes, 40.5% of the homes that sold were
owner-occupied and of all ofthose transactions, cash was at
20.8%, which was up from themonth before.
Speaker 1 (14:30):
That's a good, healthy number, in my opinion,
for cash buyers.
Yes, absolutely.
Speaker 2 (14:35):
And that's maybe people moving on with their
plans cashing out equity inanother home, putting the cash
down on a new home and investorsthey're still very prevalent in
this market Conventional homesthat sold with a conventional
loan.
That number surprised mebecause conventional rates are
higher than FHA rates, right nowthey are.
Speaker 1 (14:54):
but when you look at the average price, we're almost
right at $500,000.
An FHA can only go to 510.
When the homes are a higherprice, the conventional is
really what they're stuck with.
Speaker 2 (15:08):
And conventional raised their loan limits over
the last couple of months.
So that is 49.5% soldconventional, which was up,
17.6% were FHA, which was down alittle bit, and 9.7% were VA
buyers.
Speaker 1 (15:26):
Homebuyers.
If you are former military andyou qualify for a VA loan, use
it.
Yes, absolutely.
That is the best deal in themarketplace right now.
Speaker 2 (15:37):
Especially in this market right now because the VA
loan is zero down Right and alot of sellers are open to
paying closing costs or paying alot of closing costs, and it's
an item of negotiation, but alot of sellers are open to the
idea of it right now in thismarket.
They're motivated enough to getit going and that means you can
(15:57):
literally walk in with almostnothing out of pocket, and that
is I mean to get a home youcan't even get a rental with
that low of an amount.
Speaker 1 (16:06):
It's an amazing deal yeah.
Speaker 2 (16:08):
Yeah, definitely.
So if you are a veteran, takeadvantage of that.
Okay, so our unit sold for themonth of October.
We have 19.
1,918 sold, that's up 12.9%.
Speaker 1 (16:27):
That's good.
That shows the market's goingin the right direction.
That's still a low number, inmy opinion.
Anytime it gets below 2,000, Ido kind of freak out a little
bit, not going to lie, but it'sgoing in the right direction.
So I'm feeling good about it.
Speaker 2 (16:42):
And yeah, the buyers are out there right now,
especially the last week yeah,and our median price point of
homes sold is up 5.9% $475,531.
Speaker 1 (16:57):
So indication prices aren't coming down.
Speaker 2 (17:00):
Yeah, I think I've got over the idea that prices
are going would come down,because we haven't seen that
happen.
New listings hitting the market2,867.
In the month of October thatwas up 22.9%.
Speaker 1 (17:17):
Yeah, and the conversations I had with people.
It was do I wait to sell afterthe first of the year or do I
hurry up and list now and sellbefore we really get into the
full holiday season?
And I think really a lot ofpeople chose to just go for it
now.
Speaker 2 (17:33):
Yeah, yeah.
And it also depends on yourmotivation or your plans for
selling Right, because if you'remost sellers, the majority of
sellers are selling and buyingagain Right.
It's very seldom we see someonejust sell a home and you know
that's it.
They turn into renters.
It's not really common.
So, again, you want to sellyour home while the buying
(17:57):
market's still attractive.
Speaker 1 (17:59):
Absolutely yeah.
And a lot of these peopleselling and buying they're going
into new construction and theywant to take advantage of those
incentives that the builders areoffering.
Speaker 2 (18:08):
Yes, absolutely.
A lot of the move-up homesright now are new homes because
those rate buy-downs are veryattractive.
And so 4.9,.
I'm sorry, the median pricepoint for new listings is
$499,999.
Let's just say $500.
(18:31):
Easier, yeah.
So that's at 5.9%.
So that is just our medianprice and, as you see, the sold
price is a little bit under, Iwould say, $25.
That's kind of what when buyersare saying like, where should
we make our offer or whatever,I'm telling them around 20 to
25,000 seems to be the magicnumber that's getting it in
(18:54):
contract these days.
Units available those are up37.3%.
They ended off in October insingle family at 5,784.
Speaker 1 (19:07):
That's a good, healthy number and, as you
alluded to earlier, is ittechnically a buyer's market?
Probably not, but it's veryclose.
Speaker 2 (19:15):
Well, they say over three months as a buyer's market
and we're in a three-month ofunits available inventory.
So we're there, we're on theborderline of a buyer's market.
So condos and townhomes, unitssold were 540.
So those were up 13.9% Probably, as you mentioned earlier, a
(19:36):
lot of those are newconstruction.
Yeah, and median price home ofthose condos and townhome units.
Median price range of thecondos and townhome units.
Median price range of thecondos and townhome units sold
were $315,000, up 14.3% $315,000, that is a great.
Speaker 1 (19:56):
it's expensive, I know when you think about it for
a condo or a townhouse, butyou're owning a piece of
property for $315,000 here in2024.
And in a lot of places youcouldn't even piece of property
for $315,000 here in 2024.
Speaker 2 (20:11):
And in a lot of places you couldn't even think
of doing that.
Still, yeah, I mean Californiayeah.
That's why we get all theCalifornia buyers here.
New listings we have 830, whichis up.
That's up 5.9%, and medianprice range of those new
listings is $301,500.
I am surprised that number is.
The median price range of newlistings is lower than the units
(20:35):
sold.
Speaker 1 (20:36):
I think why is the units selling are townhomes and
the units coming on the marketare condos?
Speaker 2 (20:43):
Okay, that makes sense.
That makes sense and I wouldsay the condo and townhome
market is officially in Octoberin a buyer's market because it's
3.3 months.
So it's a little over thatthree months.
Speaker 1 (20:55):
No, as I mentioned, the builders have a lot of
standing inventory on townhomesand there's a few even that are
classified as condos.
Speaker 2 (21:02):
Yeah.
Speaker 1 (21:03):
So yeah.
Speaker 2 (21:04):
Yeah, and even better , classified as condos.
Yeah, so yeah, yeah, and that'sit.
We do see a lot of thosetownhomes right now that have
the garage, or they say they'recondos but they have garages.
Some of them even havedriveways and everything.
It's basically a townhome.
I have no idea what justifiesthe difference between a condo
(21:25):
and a townhome.
I've heard it's lot squarefootage.
Speaker 1 (21:28):
I've heard varying factors.
I sold one a couple months ago.
To me it was a townhouse.
It had an attached two-cargarage and to me, if it has an
attached garage and there'snobody above you or below you,
to me that's a townhouse.
But it was classified as acondo and the only reason I
could think is all the livingspace was on the second floor.
(21:49):
So yeah, I don't know whatreally separates them.
Speaker 2 (21:55):
I think I asked an assessor or somebody at the
county one time and they said itwas lots for footage, because
we're selling a home in acommunity which there's a lot of
those out there that have.
Half of them say that they'retownhomes and half say they're
condos and they like recordedthe Ds wrong.
So it's confusing.
(22:15):
But I just usually tell peoplewhen we're doing a search for
condos or townhomes with agarage and they say, oh, I just
want a townhome because theywant the garage, I say let's
just put condos in there and addthe garage filter, because
they're pretty much the same.
So our days on the market lessthan 30 days sold In October we
(22:36):
were at.
I'm sorry, mike, you have toread the number.
It's a little too small for me.
Speaker 1 (22:46):
Oh, okay, seven days was 58.9%.
I thought that was a five 58.9%.
Speaker 2 (22:54):
That was sold in 30 days or less, and then our 30
days or more.
Those were at 20.9%.
Speaker 1 (23:04):
So that's increased and I think we're going to
continue to see that increase,especially if inventory
continues to go up a bit.
Speaker 2 (23:11):
Yes, and then we have 10.4%.
Those were between the 60 and90 days we're still seeing the
majority of the homes have beenselling in less than 30 days, so
that's good there.
And then it gets even lower.
Going to 120 days was 5.3% and4.8% at 120 or more.
(23:35):
So there's still buyers.
There's still buyers out there,and October was slower than
most months have been, so that'sgood.
And then we're almost the samewhere it comes to condos and
townhomes.
That's 58.4%.
We're sold in less than 30 days.
Speaker 1 (23:55):
That's a great number actually.
Speaker 2 (23:57):
Yeah, 20.8 at 30 to 60 days and 9.6 at 60 to 90 days
, and the up to 120 days was5.7%.
So very consistent with thesingle family numbers there.
Speaker 1 (24:17):
Absolutely.
Speaker 2 (24:18):
Yeah, yeah.
And then number of closingsthey were down.
They were up 7.1% from what wasthe month before October,
september, september, oh my gosh, I drew a blank.
Those were up 7.1% fromSeptember and they were up 12.9%
(24:42):
from last year.
So that's in the single familyhome market that was 1,918 units
closed at the end of the monthand those numbers were both up.
Speaker 1 (24:54):
And that's encouraging the markets
absorbing the increase ininventory.
Speaker 2 (24:58):
Yeah, yeah, absolutely.
Median closed price that wasagain at $4.75, $5.31.
That was only up 0.9% fromSeptember and it was up 5.9%
from last year.
Okay, so that's definitelyshowing that it's doing better
and we're performing better thisyear than we were last year at
(25:20):
this time.
Definitely yeah, even with itbeing an election season.
Speaker 1 (25:23):
Right, that surprises me.
I felt it was totally dead fora couple weeks and I was looking
at the numbers every day.
It wasn't really totally dead.
We say that, but homes werestill going into contract, homes
were still closing escrow.
But, yes, it did feel dead.
Speaker 2 (25:39):
It felt dead.
Speaker 1 (25:39):
My phone was not ringing, except for election
calls and surveys, and the textmessages.
Speaker 2 (25:45):
And the text messages .
Oh my gosh, I was like pleasejust stop.
So a number of new listings.
Those were up 1.3% fromSeptember.
We closed out in October at28.67%, Up 22.9% from the year
before.
Of that of new listings hittingthe market.
Speaker 1 (26:07):
That's A good number in my opinion, yeah, so.
Speaker 2 (26:11):
Yeah, Okay.
And then the availability atthe end of October we closed out
at 5,784 units.
That was up 6% from Septemberand that was up 37.3% from the
year before.
So that's the listings thatwere on the market, the
(26:32):
availability and we've seen thatRight.
Speaker 1 (26:35):
A year ago, we were complaining, though, that
inventory was still too low.
Yeah, so my personal favoritenumber on available units is
right around that 4,000 mark.
Speaker 2 (26:44):
Yeah.
Speaker 1 (26:45):
To me that's a real sweet spot.
Your buyer can go in, get alittle bit of a deal, but yet
everything is still selling realquick.
Speaker 2 (26:52):
Yeah, and that's one of the things I do prefer about
this market is the buyers stillhave the opportunity to get some
concessions and things likethat, when that goes away, it
makes it tough.
Speaker 1 (27:02):
Right, don't let the interest rates scare.
You Go in ask for an incentiveto buy your rate down Mm-hmm,
mm-hmm.
Speaker 2 (27:09):
And those sellers are a lot of times open to those
incentives, open to things.
They're pretty motivated outthere on getting things moving.
So the effective availabilityat the end of the month we
closed out at three months ofeffective availability in
single-family homes, which wasup 1% from September and 21.6%
(27:31):
from the prior year and you hadmentioned that we had a very big
shortage in inventory last yearand then the time on the market
of 30 days or less.
That was up 61.5%.
I changed page 61.5% from theprior month in September and
(27:54):
67.2 percent from the prior year.
And the reason why the time onthe market of 30 days or less is
up this year is rates werelooking a little more attractive
in the beginning of October.
Speaker 1 (28:07):
Yes, they were.
Speaker 2 (28:09):
Yeah, we did have a little bit of a rate drop, or
seen a drop in mortgage rates atthe beginning and then towards
the end of October they wentback up again.
Speaker 1 (28:18):
Yeah, yeah, that's a full explanation.
Yeah, and that might be why itwas really quiet a couple of
weeks before the election isrates started really going back
up at a much more of a rapidpace than I preferred.
Yeah, yeah, it was like theywere in the fives and then all
of a rapid pace than I preferred.
Speaker 2 (28:33):
Yeah so.
Yeah, it was like they were inthe fives and then all of a
sudden, we were almost at sevens, almost overnight.
Yeah, so it was celebration.
And then, no, don't too toosoon to celebrate.
Um, yeah so, um, mike, ifanybody does want to get ahold
of you and talk more aboutmarket inventory, things like
(28:54):
that, and you're a broker, yes,yes, yeah.
Speaker 1 (28:57):
Give me a call 702-286-3434.
Also, if you're an agent andyou're looking for a change in
your business, you want somebodythat's going to give you full
broker support seven days a week.
Agents get paid within 24 hoursof closing.
Give me a call.
Speaker 2 (29:13):
That's always a good thing.
We want to get paid, yes, andwe want to get paid quickly, yes
.
And if you are watching ourshow, please like, share,
subscribe, tell your friendsabout the show Tune in.
Next week we're going to have anew co-host joining us, so
we're looking forward to havingher on, and I am Trish Williams.
If you guys want to reach me,you can contact me at
(29:36):
702-308-2878.
And we will see you next week,vegas.
Thank you.
Hey Las Vegas, welcome back here to Vegas
Realty.
Check your local Las Vegas realestate news show.
I am Trish Williams.
Speaker 1 (00:26):
And I'm Mike Cruz.
Speaker 2 (00:27):
We have our guest, mike Cruz, with us today.
I'm so sorry for the choppyintroduction, mike.
Mike's a returning guest brokerof Reside Real Estate and Mike
is here to do our market reportswith us today, so we're excited
for the show today.
Talk about everything thathappened last month.
Speaker 1 (00:47):
Yeah, good, it's a great day to be here the market.
I'm excited about it.
Speaker 2 (00:52):
Yeah, yeah, I'm excited about too.
We're starting to see somemovement again, which is
phenomenal because we had acouple weeks of silence right,
but we're seeing it already inthe numbers and before we open
up with our market numbers today, I do want to give you a little
show update.
Tiana, the co-host, has beenhere with me for the past couple
(01:16):
of years.
She is sadly and happily movingon.
She has taken an executiveadministrative assistant
position with one of the topteams here in Vegas and we are
very excited for her.
It was a great opportunity.
We'll be having a clip airlater today.
That's her goodbye video out toour listeners.
(01:39):
We are going to be having a newco-host join us in the coming
weeks.
She is Courtney Baum with JFKFinancial, very versed in loans
and she's a loan officer, andshe is going to be also in
addition to our weekly marketinventory and real estate update
.
She's going to be providing usupdates on what's going on in
(02:01):
mortgages.
So I think it's going to bringa lot of value to the show.
We're excited about that, butwe are sadly saying goodbye to
Tiana and wish her the best.
It's just scheduling conflictscouldn't make it happen and we
are happy for her and her newjourney.
So if you guys are listening,shoot a comment.
We'll make sure it gets to herand I'm sure she will appreciate
(02:24):
that.
Yeah, so, mike, let's get intoour market numbers.
All right, yeah, you ready forit?
Speaker 1 (02:31):
I'm ready.
Speaker 2 (02:32):
Okay, all right, so our market numbers for the week.
Speaker 1 (02:36):
Let's start off with inventory For inventory, this
week we have 5,495 single-familyhomes on the market.
That's a little bit low fromlast week.
Yeah, it's gone down a littlebit, which is good to see.
After the couple weeks beforeand as we head into the holiday
(02:58):
season, I think we're probablygoing to stay around that number
.
Speaker 2 (03:01):
Yeah, I think it is.
I think that definitelyelections had people holding off
on all of their real estateplans regardless of what side
that you're on.
It's not a political statement,it's just a fact.
People were holding off onmoving forward with any of their
plans because they wanted tosee what's going on, and just
the uncertainty of everythingjust had people halted.
(03:23):
Now that that's behind us.
We are seeing people moveforward.
They're moving on with whatevertheir plans are, but there's
still some sellers that aresaying maybe I should wait till
the beginning of the year tolist.
Speaker 1 (03:35):
Right, yeah, definitely.
And as we hit this time of yearfourth quarter, elections or
not there's always those people.
People have things going onthis time of year.
They don't want to take thetime to get the house ready
right now.
They want to wait.
So I think we will seeinventory rise a little bit, in
January and February probably,but unfortunately interest rates
(03:57):
are what they are.
The good news is is it lookslike people are starting to
accept it and they're willing tomake the move.
People that have been waitingto buy a house.
They've been waiting to buy ahouse for a couple of years now
and they're really getting antsyand I think they've decided.
In a lot of cases I knowconversations I've had,
especially in just the lastthree or four days they're ready
(04:18):
to make that move.
Speaker 2 (04:19):
Yes, and the rates are definitely a factor.
And what's going on now?
Fed did another quarter percentdecrease, so over the last
couple months we have had 0.75%decrease in the Fed rate.
But what's been going on is thestock market's been kind of
looking great.
So people are taking money outof bonds, putting them in stocks
(04:41):
and that is making it to wherethe bond market is.
What's really going to affectthose mortgage rates changing
from the Fed rate?
Speaker 1 (04:50):
And that's what the consumers need to understand.
Yes, the Fed's dropping therates, but the mortgage rates
don't actually work off the Fed.
It works off the bond market,which, in conjunction, works off
the stock market.
So that's why rates are up fromwhat they were even six weeks
ago, almost a full point.
It's kind of sad.
Speaker 2 (05:11):
And this morning I seen the stock market had
dropped a little bit.
So I'm hoping that that doeswell for the bond market and
we'll start to see those ratescome down a little bit.
Eventually these Fed cuts willpour over into mortgage rates
yes, at some point.
Yeah, we just don't really havea crystal ball to know when,
right.
So that's you know we're allwaiting.
(05:32):
But I do agree with you.
There's been so many buyersthat are on the sideline for the
past two years that once thoserates are attractive and gives
them the opportunity to buy,we're going to see a market like
no other.
Speaker 1 (05:46):
I believe so.
Speaker 2 (05:46):
It's going to be crazy out there, so there will
be competition galore.
I'm kind of not excited aboutthe frenzy that will come up
when that happens, because allof these buyers that have been
sidelined are going to jump inthe market.
Speaker 1 (06:03):
And if people are waiting for interest rates to
drop, don't there's ways to getthe interest rates lower than
what they are for you?
I actually just did a video onit two days ago.
It's on my business YouTube.
So have a discussion with youragent.
That's the bottom line.
Speaker 2 (06:20):
What's your business YouTube channel?
Do you know it?
It is.
Speaker 1 (06:25):
Actually my business YouTube channel is LV Real
Estate.
Speaker 2 (06:28):
Okay, now that's easy to remember.
Yeah.
Speaker 1 (06:31):
And LV Homes by Mike on TikTok and Instagram.
Speaker 2 (06:34):
All right, so check out those videos.
See what he posted in hisanalysis on that.
That'd be great.
So we just reportedsingle-family homes, townhouses
and condos have 1,787 homes onthe market right now.
Speaker 1 (06:50):
It's high, yeah, however, the condos in
particular have been very highand I'm not really understanding
why.
But those condos and townhomes,they are a first-time
homebuyer's best-case scenario.
Yeah, because that isaffordable homes here in the Las
Vegas Valley.
Speaker 2 (07:08):
Yeah, what I'm seeing with a lot of older condos and
townhomes is their HOA dues arejust astronomical and I feel
like that is definitely with therates.
That's huge deterrence and insome cases affects qualification
.
But that's usually the olderunits and the reason why in a
lot of cases is the roofs.
(07:29):
They cover the roofs, theycover all these things and
they're hitting that age ofneeding to be replaced and those
are adding into the assessment.
Speaker 1 (07:36):
With that inventory number it seems a little bit
high.
But it also includes a lot ofnew construction.
There's a lot of standinginventory on townhomes right now
with new construction.
The home builders, All thebuilders, are in the townhouse
game right now.
So I think that's also why thatnumber seems a little inflated.
Speaker 2 (07:54):
Yes, and the builders are doing rate incentives.
Still, we locked someone in ata 3.99 FHA.
Speaker 1 (08:01):
I did also a couple of weeks ago.
Speaker 2 (08:03):
Yeah, that's awesome, so you are able to get some
really good rates with thosebuilders.
So for the week we have, newlistings are 836.
That hit the market this week.
Speaker 1 (08:15):
Yes.
Speaker 2 (08:16):
Yeah, and that's across everything.
Back on the market we have 154.
So those are homes that fellout of escrow and are trying
again.
Speaker 1 (08:26):
Right, and it happens .
There's a little bit of flux inthe general economy at the
moment.
Speaker 2 (08:35):
Yeah.
Speaker 1 (08:35):
And when that happens people get cold feet.
They change jobs, they buy acar.
It happens, they buy a car andthey can no longer buy a house.
Speaker 2 (08:44):
Yeah, or I'm seeing a lot of just our market is very.
I don't know if we'respecifically in a buyer's market
by numbers or by the data thatthey say is buyer's or seller's
market, but we have the feel ofa buyer's market.
So buyers are very finicky andsometimes it's just negotiations
on that repairs request.
(09:05):
You know that the seller mayhave taken a lower offer,
offered them a lot ofconcessions and then digs their
heels in the sand when it comesto the repairs request and the
buyers like Fine, I'll go findsomething else because it's too
easy to find something elseright now.
So price decreases are a 98.
(09:27):
Is that a correct number?
Speaker 1 (09:29):
I think you're probably missing a zero on the
end there.
Speaker 2 (09:32):
Yeah, I don't know what that number is.
We'll have to look at thatagain next week.
Under contract we have 275 thatare under contract as still
able to show and 428 that areunder contract no showings.
(09:53):
So that means the ones that areunder contract as show are a
lot of times contingent uponsale or some kind of like strong
contingency where the seller isnot feeling too confident in
them.
Speaker 1 (10:04):
Right, but those two numbers combined almost 700,
that's a good, healthy number.
That means for the month we'retrending about 2,800 homes under
contract.
Yeah, that's actually a littlebit higher than what we've seen
over the last month.
Speaker 2 (10:20):
Yeah, that's encouraging.
I'm sorry that was.
A price increase was 98, not aprice decrease.
See, I don't have my glasses on, I can't see well, price
increase was 98, not a pricedecrease.
See, I don't have my glasses on, I can't see well, price
increase was 98.
The price decreases are 814.
That sounds like a morerealistic number, I was like
what is going on here?
(10:41):
So 814.
So the price decreases are up.
So what I think is happeningthere is the people that are
like once the elections havepassed and they're starting to
see the buyer activity increaseand I'm having these
conversations with sellers tooNow they're ready to do an
adjustment that they may haveput off for a little bit, to
(11:02):
motivate and encourage buyerstoo.
Speaker 1 (11:04):
We all knew it was a little slow going into the
election, so they held off onthe price decrease until
afterwards.
Speaker 2 (11:10):
Yes, absolutely, and that was definitely the
conversations amongst manysellers during that time is
don't even bother adjustingbecause there's nobody really
out there.
Speaker 1 (11:20):
Right.
Speaker 2 (11:20):
Not many people out there at least Sold.
We have 510 sold for the week,which is a pretty good number.
Right that I mean essentiallythat would come up to 2000,.
Speaker 1 (11:32):
a little over 2000 for the month which is pretty
good.
Speaker 2 (11:35):
My favorite number for sold in a month is 3000.
Just uh, always been myfavorite number.
That's a really good market.
Um 73 expired.
Um 197 withdrawn.
Um, they just uh, pulled their,pulled their home off the
market.
So that is our weekly numbers.
(11:56):
Now let's get into our monthlymarket report.
A couple things I jotted downhere for our monthly market
report before we go into theactual number.
I want to just highlight on acouple things there.
Sold For the sold homes for themonth.
57.1% of them are vacant, sothat's a little over half of
(12:19):
them, that is, homes that were alot of times.
Speaker 1 (12:23):
Homes that are vacant are easier to sell than homes
that are occupied, and it'ssimply because of access and a
lot of home buyers they don'tlike touring homes when there's
somebody still living in thehome.
I know most of the time itcan't be avoided that you have
to live in your home until yousell.
But so many times the buyersare apprehensive.
(12:44):
They don't want to open closetdoors, stuff like that, and they
just have a hard time picturingthemselves in the home and it's
much easier to do when it'svacant.
Speaker 2 (12:54):
Absolutely, and sometimes they do staging on
vacant homes, things like that,so those do make them more
attractive.
Also on that point, 2.4% weretenant occupied that were sold.
That's a very small percentage.
We've seen it a lot higherduring stronger markets, but the
same thing.
Speaker 1 (13:18):
A lot of times those tenants are still living in the
home at the time that we'reselling it and, as difficult as
it is to show an owner-occupiedhome, it's way worse for a
tenant-occupied home.
Speaker 2 (13:24):
Absolutely.
The tenants do not have as muchcare about getting the home
sold as the owner does.
Speaker 1 (13:31):
Well, and in many situations they prefer it didn't
.
Speaker 2 (13:33):
Yes, yes, everybody.
You know it's always a thing.
I got asked even the other dayare foreclosures rising?
And I did a search.
I think there were 28 on themarket not a lot of foreclosures
on the market, and that wasacross every price point.
0.07% of the homes sold lastmonth were foreclosures and even
(13:57):
less on short sales which was0.04%.
Speaker 1 (14:01):
So we're just not in a market where we're seeing a
lot of those People still haveplenty of equity in their homes.
It hasn't been ripe for HELOCsor even refinances due to the
higher rates, so people are juststicking with what they have
where they are.
Speaker 2 (14:17):
Yes, yes, 40.5% of the homes that sold were
owner-occupied and of all ofthose transactions, cash was at
20.8%, which was up from themonth before.
Speaker 1 (14:30):
That's a good, healthy number, in my opinion,
for cash buyers.
Yes, absolutely.
Speaker 2 (14:35):
And that's maybe people moving on with their
plans cashing out equity inanother home, putting the cash
down on a new home and investorsthey're still very prevalent in
this market Conventional homesthat sold with a conventional
loan.
That number surprised mebecause conventional rates are
higher than FHA rates, right nowthey are.
Speaker 1 (14:54):
but when you look at the average price, we're almost
right at $500,000.
An FHA can only go to 510.
When the homes are a higherprice, the conventional is
really what they're stuck with.
Speaker 2 (15:08):
And conventional raised their loan limits over
the last couple of months.
So that is 49.5% soldconventional, which was up,
17.6% were FHA, which was down alittle bit, and 9.7% were VA
buyers.
Speaker 1 (15:26):
Homebuyers.
If you are former military andyou qualify for a VA loan, use
it.
Yes, absolutely.
That is the best deal in themarketplace right now.
Speaker 2 (15:37):
Especially in this market right now because the VA
loan is zero down Right and alot of sellers are open to
paying closing costs or paying alot of closing costs, and it's
an item of negotiation, but alot of sellers are open to the
idea of it right now in thismarket.
They're motivated enough to getit going and that means you can
(15:57):
literally walk in with almostnothing out of pocket, and that
is I mean to get a home youcan't even get a rental with
that low of an amount.
Speaker 1 (16:06):
It's an amazing deal yeah.
Speaker 2 (16:08):
Yeah, definitely.
So if you are a veteran, takeadvantage of that.
Okay, so our unit sold for themonth of October.
We have 19.
1,918 sold, that's up 12.9%.
Speaker 1 (16:27):
That's good.
That shows the market's goingin the right direction.
That's still a low number, inmy opinion.
Anytime it gets below 2,000, Ido kind of freak out a little
bit, not going to lie, but it'sgoing in the right direction.
So I'm feeling good about it.
Speaker 2 (16:42):
And yeah, the buyers are out there right now,
especially the last week yeah,and our median price point of
homes sold is up 5.9% $475,531.
Speaker 1 (16:57):
So indication prices aren't coming down.
Speaker 2 (17:00):
Yeah, I think I've got over the idea that prices
are going would come down,because we haven't seen that
happen.
New listings hitting the market2,867.
In the month of October thatwas up 22.9%.
Speaker 1 (17:17):
Yeah, and the conversations I had with people.
It was do I wait to sell afterthe first of the year or do I
hurry up and list now and sellbefore we really get into the
full holiday season?
And I think really a lot ofpeople chose to just go for it
now.
Speaker 2 (17:33):
Yeah, yeah.
And it also depends on yourmotivation or your plans for
selling Right, because if you'remost sellers, the majority of
sellers are selling and buyingagain Right.
It's very seldom we see someonejust sell a home and you know
that's it.
They turn into renters.
It's not really common.
So, again, you want to sellyour home while the buying
(17:57):
market's still attractive.
Speaker 1 (17:59):
Absolutely yeah.
And a lot of these peopleselling and buying they're going
into new construction and theywant to take advantage of those
incentives that the builders areoffering.
Speaker 2 (18:08):
Yes, absolutely.
A lot of the move-up homesright now are new homes because
those rate buy-downs are veryattractive.
And so 4.9,.
I'm sorry, the median pricepoint for new listings is
$499,999.
Let's just say $500.
(18:31):
Easier, yeah.
So that's at 5.9%.
So that is just our medianprice and, as you see, the sold
price is a little bit under, Iwould say, $25.
That's kind of what when buyersare saying like, where should
we make our offer or whatever,I'm telling them around 20 to
25,000 seems to be the magicnumber that's getting it in
(18:54):
contract these days.
Units available those are up37.3%.
They ended off in October insingle family at 5,784.
Speaker 1 (19:07):
That's a good, healthy number and, as you
alluded to earlier, is ittechnically a buyer's market?
Probably not, but it's veryclose.
Speaker 2 (19:15):
Well, they say over three months as a buyer's market
and we're in a three-month ofunits available inventory.
So we're there, we're on theborderline of a buyer's market.
So condos and townhomes, unitssold were 540.
So those were up 13.9% Probably, as you mentioned earlier, a
(19:36):
lot of those are newconstruction.
Yeah, and median price home ofthose condos and townhome units.
Median price range of thecondos and townhome units.
Median price range of thecondos and townhome units sold
were $315,000, up 14.3% $315,000, that is a great.
Speaker 1 (19:56):
it's expensive, I know when you think about it for
a condo or a townhouse, butyou're owning a piece of
property for $315,000 here in2024.
And in a lot of places youcouldn't even piece of property
for $315,000 here in 2024.
Speaker 2 (20:11):
And in a lot of places you couldn't even think
of doing that.
Still, yeah, I mean Californiayeah.
That's why we get all theCalifornia buyers here.
New listings we have 830, whichis up.
That's up 5.9%, and medianprice range of those new
listings is $301,500.
I am surprised that number is.
The median price range of newlistings is lower than the units
(20:35):
sold.
Speaker 1 (20:36):
I think why is the units selling are townhomes and
the units coming on the marketare condos?
Speaker 2 (20:43):
Okay, that makes sense.
That makes sense and I wouldsay the condo and townhome
market is officially in Octoberin a buyer's market because it's
3.3 months.
So it's a little over thatthree months.
Speaker 1 (20:55):
No, as I mentioned, the builders have a lot of
standing inventory on townhomesand there's a few even that are
classified as condos.
Speaker 2 (21:02):
Yeah.
Speaker 1 (21:03):
So yeah.
Speaker 2 (21:04):
Yeah, and even better , classified as condos.
Yeah, so yeah, yeah, and that'sit.
We do see a lot of thosetownhomes right now that have
the garage, or they say they'recondos but they have garages.
Some of them even havedriveways and everything.
It's basically a townhome.
I have no idea what justifiesthe difference between a condo
(21:25):
and a townhome.
I've heard it's lot squarefootage.
Speaker 1 (21:28):
I've heard varying factors.
I sold one a couple months ago.
To me it was a townhouse.
It had an attached two-cargarage and to me, if it has an
attached garage and there'snobody above you or below you,
to me that's a townhouse.
But it was classified as acondo and the only reason I
could think is all the livingspace was on the second floor.
(21:49):
So yeah, I don't know whatreally separates them.
Speaker 2 (21:55):
I think I asked an assessor or somebody at the
county one time and they said itwas lots for footage, because
we're selling a home in acommunity which there's a lot of
those out there that have.
Half of them say that they'retownhomes and half say they're
condos and they like recordedthe Ds wrong.
So it's confusing.
(22:15):
But I just usually tell peoplewhen we're doing a search for
condos or townhomes with agarage and they say, oh, I just
want a townhome because theywant the garage, I say let's
just put condos in there and addthe garage filter, because
they're pretty much the same.
So our days on the market lessthan 30 days sold In October we
(22:36):
were at.
I'm sorry, mike, you have toread the number.
It's a little too small for me.
Speaker 1 (22:46):
Oh, okay, seven days was 58.9%.
I thought that was a five 58.9%.
Speaker 2 (22:54):
That was sold in 30 days or less, and then our 30
days or more.
Those were at 20.9%.
Speaker 1 (23:04):
So that's increased and I think we're going to
continue to see that increase,especially if inventory
continues to go up a bit.
Speaker 2 (23:11):
Yes, and then we have 10.4%.
Those were between the 60 and90 days we're still seeing the
majority of the homes have beenselling in less than 30 days, so
that's good there.
And then it gets even lower.
Going to 120 days was 5.3% and4.8% at 120 or more.
(23:35):
So there's still buyers.
There's still buyers out there,and October was slower than
most months have been, so that'sgood.
And then we're almost the samewhere it comes to condos and
townhomes.
That's 58.4%.
We're sold in less than 30 days.
Speaker 1 (23:55):
That's a great number actually.
Speaker 2 (23:57):
Yeah, 20.8 at 30 to 60 days and 9.6 at 60 to 90 days
, and the up to 120 days was5.7%.
So very consistent with thesingle family numbers there.
Speaker 1 (24:17):
Absolutely.
Speaker 2 (24:18):
Yeah, yeah.
And then number of closingsthey were down.
They were up 7.1% from what wasthe month before October,
september, september, oh my gosh, I drew a blank.
Those were up 7.1% fromSeptember and they were up 12.9%
(24:42):
from last year.
So that's in the single familyhome market that was 1,918 units
closed at the end of the monthand those numbers were both up.
Speaker 1 (24:54):
And that's encouraging the markets
absorbing the increase ininventory.
Speaker 2 (24:58):
Yeah, yeah, absolutely.
Median closed price that wasagain at $4.75, $5.31.
That was only up 0.9% fromSeptember and it was up 5.9%
from last year.
Okay, so that's definitelyshowing that it's doing better
and we're performing better thisyear than we were last year at
(25:20):
this time.
Definitely yeah, even with itbeing an election season.
Speaker 1 (25:23):
Right, that surprises me.
I felt it was totally dead fora couple weeks and I was looking
at the numbers every day.
It wasn't really totally dead.
We say that, but homes werestill going into contract, homes
were still closing escrow.
But, yes, it did feel dead.
Speaker 2 (25:39):
It felt dead.
Speaker 1 (25:39):
My phone was not ringing, except for election
calls and surveys, and the textmessages.
Speaker 2 (25:45):
And the text messages .
Oh my gosh, I was like pleasejust stop.
So a number of new listings.
Those were up 1.3% fromSeptember.
We closed out in October at28.67%, Up 22.9% from the year
before.
Of that of new listings hittingthe market.
Speaker 1 (26:07):
That's A good number in my opinion, yeah, so.
Speaker 2 (26:11):
Yeah, Okay.
And then the availability atthe end of October we closed out
at 5,784 units.
That was up 6% from Septemberand that was up 37.3% from the
year before.
So that's the listings thatwere on the market, the
(26:32):
availability and we've seen thatRight.
Speaker 1 (26:35):
A year ago, we were complaining, though, that
inventory was still too low.
Yeah, so my personal favoritenumber on available units is
right around that 4,000 mark.
Speaker 2 (26:44):
Yeah.
Speaker 1 (26:45):
To me that's a real sweet spot.
Your buyer can go in, get alittle bit of a deal, but yet
everything is still selling realquick.
Speaker 2 (26:52):
Yeah, and that's one of the things I do prefer about
this market is the buyers stillhave the opportunity to get some
concessions and things likethat, when that goes away, it
makes it tough.
Speaker 1 (27:02):
Right, don't let the interest rates scare.
You Go in ask for an incentiveto buy your rate down Mm-hmm,
mm-hmm.
Speaker 2 (27:09):
And those sellers are a lot of times open to those
incentives, open to things.
They're pretty motivated outthere on getting things moving.
So the effective availabilityat the end of the month we
closed out at three months ofeffective availability in
single-family homes, which wasup 1% from September and 21.6%
(27:31):
from the prior year and you hadmentioned that we had a very big
shortage in inventory last yearand then the time on the market
of 30 days or less.
That was up 61.5%.
I changed page 61.5% from theprior month in September and
(27:54):
67.2 percent from the prior year.
And the reason why the time onthe market of 30 days or less is
up this year is rates werelooking a little more attractive
in the beginning of October.
Speaker 1 (28:07):
Yes, they were.
Speaker 2 (28:09):
Yeah, we did have a little bit of a rate drop, or
seen a drop in mortgage rates atthe beginning and then towards
the end of October they wentback up again.
Speaker 1 (28:18):
Yeah, yeah, that's a full explanation.
Yeah, and that might be why itwas really quiet a couple of
weeks before the election isrates started really going back
up at a much more of a rapidpace than I preferred.
Yeah, yeah, it was like theywere in the fives and then all
of a rapid pace than I preferred.
Speaker 2 (28:33):
Yeah so.
Yeah, it was like they were inthe fives and then all of a
sudden, we were almost at sevens, almost overnight.
Yeah, so it was celebration.
And then, no, don't too toosoon to celebrate.
Um, yeah so, um, mike, ifanybody does want to get ahold
of you and talk more aboutmarket inventory, things like
(28:54):
that, and you're a broker, yes,yes, yeah.
Speaker 1 (28:57):
Give me a call 702-286-3434.
Also, if you're an agent andyou're looking for a change in
your business, you want somebodythat's going to give you full
broker support seven days a week.
Agents get paid within 24 hoursof closing.
Give me a call.
Speaker 2 (29:13):
That's always a good thing.
We want to get paid, yes, andwe want to get paid quickly, yes
.
And if you are watching ourshow, please like, share,
subscribe, tell your friendsabout the show Tune in.
Next week we're going to have anew co-host joining us, so
we're looking forward to havingher on, and I am Trish Williams.
If you guys want to reach me,you can contact me at
(29:36):
702-308-2878.
And we will see you next week,vegas.
Thank you.
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