📰 Your weekly inside scoop on real estate
For the week of December 11, 2023
“The thing about trains ... it doesn’t matter where they’re going. What matters is deciding to get on.”— Conductor, "The Polar Express"
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🕵🏼♀️ TIP OF THE WEEK:
Your Home Buying Adventure
(Infographic)
ON A ROLL... Stocks rose for the sixth straight week (something we haven't seen in four years!), as Friday's better-than-expected November jobs report pushed the three major indexes to modest gains.
Last month the economy added 199,000 jobs, unemployment fell to 3.7%, the labor force grew, and hourly earnings gained a healthy 0.4%. Low weekly jobless claims also pointed to a robust labor market.
The ISM services index showed the dominant sector of our economy still growing, while University of Michigan Consumer Sentiment registered its first gain in five months, as inflation expectations moderated among consumers.
The week ended with the Dow UP two points, to 36,248; the S&P 500 UP 0.2%, to 4,604; and the Nasdaq UP 0.7%, to 14,404.
Bonds overall ended slightly ahead, the 30-Year UMBS 6.0% UP .15, to $100.27. Freddie Mac's Primary Mortgage Market Survey reported the national average 30-year fixed mortgage rate decreased for the sixth straight week. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
Realtor.com reports 7.5% more homesellers listed their properties in November 2023 than in November a year ago —the first time newly listed homes posted an annual gain in almost a year and a half.
The Mortgage Bankers Association showed purchase mortgage applications up 35% week-over-week, unadjusted. Refinance applications saw their strongest week in two months, up annually two weeks straight for the first time in two years.
A recent survey from Fannie Mae found that nearly one in four consumers think home prices will fall over the next year. However, experts predict home prices will keep rising nationally for the next five years, just at a more normal pace.
DID YOU KNOW… A study by title company First American found that the median homeowner has 38 times the household wealth of a renter, noting that homeownership is “the largest source of total wealth among most households.”
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As of Monday Dec. 11, 2023 11:36 AM PST
Each week we will update the current median price for the current month. These properties include all of Southern Nevada whereby the above graphic is only Clark County, NV.
Keep in mind the majority of sales occur at the end of the month, so official numbers will be published on the first Monday of each month. These median prices are calculated from 573 sold December listings in from the MLS as of December 11, 2023. (All counties in the LVR MLS, not just Clark as referenced above.)
DECEMBER 2023 MEDIAN PRICES
Single Family
$440,000
UNCH
Unchanged from November of $440,000
Condo
$242,500
UNCH
Unchanged from November of $242,500
Townhomes
$328,990
-$11,010
Down from November of $340,000
As of December 11, 2023, there are currently active (W/w change):
4,545 Single Family Homes (-32) -0.80%
792 Condos (-116) -12.77%
504 Townhouses (-16) -3.07%
227 Manufactured Homes (-7) -2.99%
344 High Rise Units (+18) +5.22%
85 Multiple Dwellings (-2) -2.29%
2,437 Parcels of Land (+110) +4.72%
3,942 Rentals On Market (+392) +11.04%
Past Seven Days Market Watch (W/w change):
590 New Listings (-93) -15.76%
150 Back on Market (-2) -1.31%
94 Price Increases (+12) +14.63%
539 Price Decreases (-91) -14.44%
676 Accepted an Offer (+26) +4%
477 Sold (+82) +17.19% (M/m)
56 Expired (+2) +3.57% (M/m)
240 Taken Off Market (-49) -16.95%
This month, there are 60 less active residential resale properties on the market compared to last week's reading on Dec. 4, 2023 for a total of 6,497 - a decrease of 0.91%.
1523 LUCKY ST.
BACK ON MARKET - BUYER DID NOT QUALIFY
PRICE ENHANCED TO $379,999
Las Vegas, NV 89120 | MLS 2523540
5855 Pearlite Ave.
5 BED | 3 BATHS | 3,307 SF
4.35 ACRES | POOL & SPA
IRREVOCABLE WATER/IRRIGATION RIGHTS (10 ACRE FEET)
EQUESTRIAN ARENA | BARN | FERTILE SOIL
78 RATTLESNAKE GRASS
PRICE IMPROVED TO $568,880
5291 HARRISON DR.
PRICE IMRPOVED TO $620,000
INFLATION, RETAIL SALES, THE FED... The November inflation rate is expected to continue moderating in both the Consumer Price Index (CPI) and the wholesale Producer Price Index (PPI). Economists forecast Retail Sales to dip in November as the economy slows. Wednesday, the Fed's FOMC Rate Decisionshould keep rates where they are for now.
Here are the key milestones you’ll encounter on your path to homeownership.
From building your team, to house hunting, all the way to moving into your new home – it’s an exciting adventure.
Your journey starts here. Let’s connect so you have expert guidance each step of the way.
Forecasting Federal Reserve policy changes in coming months. The fed funds rate should stay where it is at this week's meet. After digesting the latest economic data, the futures market no longer sees a rate cut in March, though May still seems likely. Note: In the lower chart, a 1.6% probability of change is a 98.4% probability the rate will stay the same. Current rate is 5.25%-5.50%.
Seamless Aesthetics
150 East Centennial Pkwy. Suite # 103 North Las Vegas, NV 89084
(702) 602-2534 | seamlessaesthetics@outlook.com
Stake Out Bar - Under New Ownership
4800 S. Maryland Pkwy Ste. A
Las Vegas, NV 89119
Across from UNLV
With gratitude,
Jordan C. Dove, ABR® SFR®
MANAGING PRINCIPAL | REALTOR®
Dove & Associates Powered by Nationwide Realty
702.767.5557 | Jordan@DoveandAssociates.com
JordanDove.com | DoveandAssociates.com
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3960 E. Patrick Ln. Ste. 204
Las Vegas, NV 89120
NV Lic. # S.0180594