End of Year Report: Metro New Construction Median Sale Price Per Square Foot in Las Vegas, NV (Jan-Nov 2023)

End of Year Report: Metro New Construction Median Sale Price Per Square Foot in Las Vegas, NV (Jan-Nov 2023)

Analyzing Trends in Las Vegas Real Estate Market

Introduction:
In this end-of-year report, we delve into the analysis of the Metro New Construction Median Sale Price Per Square Foot in Las Vegas, NV, from January to November 2023. Utilizing data provided by Zillow, we aim to offer insights into the market trends, highs and lows, quarterly averages, annual averages, and monthly percentage changes. Based on this analysis, we will provide recommendations for potential buyers and sellers, along with predictions for the market in 2024.

Data Analysis:
Below is the table representing the monthly median sale price per square foot in Las Vegas, NV, rounded off to two decimals:

Trends and Relationships:
From the data, we observe fluctuating trends throughout the year. The prices started at around $233.81 in January, dipped slightly in February, and then experienced a gradual increase until May, reaching a peak of $253.24. However, there was a decline in June followed by a period of relative stability until September. The prices showed a minor increase in October and remained almost consistent in November.

Highs and Lows:

• High: The highest median sale price per square foot was recorded in May at $253.24.
• Low: The lowest median sale price per square foot was observed in February at $233.64.

Monthly Percentage Changes:
To better understand the monthly fluctuations, let’s calculate the percentage changes:

Annual Average:
The annual average median sale price per square foot for 2023 is calculated as follows:

Annual Average = (Total of Monthly Prices) / (Number of Months)
Annual Average = ($2753.19) / (11)
Annual Average ≈ $250.29

Quarterly Averages:
Quarterly averages can provide insights into broader trends. Below are the averages for each quarter:

• Q1 (January – March): $236.77
• Q2 (April – June): $250.62
• Q3 (July – September): $249.25
• Q4 (October – November): $249.19

Closing and Ending Figures:

• The year closed with a median sale price per square foot of approximately $249.18 in November.
• The ending annual average for 2023 was approximately $250.29.

Recommendations and Market Predictions:
Based on the analysis of the 2023 data, it can be inferred that the Las Vegas real estate market witnessed moderate fluctuations throughout the year. While there were periods of growth, particularly in the first half of the year, the market stabilized towards the end.

For potential buyers:

• 2023 presented opportunities for buyers, especially during months with lower prices, such as February and June.
• Buyers looking for stable prices might find the market conditions favorable towards the end of the year.

For potential sellers:

• Sellers might have benefited from listing their properties during peak months, particularly in May when prices were highest.
• However, considering the stability observed towards the end of the year, sellers could still find a favorable market for listing their properties.

Predictions for 2024:

• The market is expected to maintain stability, with moderate fluctuations in prices.
• Economic factors and housing demand will continue to influence the market dynamics.
• Buyers and sellers should monitor the market closely and make informed decisions based on their individual circumstances and goals.

In conclusion, the Las Vegas real estate market in 2023 exhibited fluctuating trends but maintained overall stability. Both buyers and sellers had opportunities throughout the year, with predictions suggesting a similar market outlook for 2024.