Spring Magazine Edition

Dear Bill and Judy,

It's thanks to my wonderful clients and friends like you, who have contributed to my success in 2022.

Despite all of the negative media surrounding the housing market, there still remains an inventory crisis that will impact Las Vegas for many years to come. The Greater Las Vegas area experiences a net migration of approximately 50,000 new residents per year. Where are all these newbies living? Apartment capacity is over 95%, and construction cannot keep up with supply. Springtime is usually a hot market, and this Spring is proving to be an exception. With 27.3% less homes for sale than same time last year, and an increase in closings by 41.1% from February 2023 to March 2023, the heating of the market and lack of available inventory has shrunk the total inventory on market from 4 months available homes (Jan 2023) to 1.8 months available homes (March 2023). Anything less than 3 months is a seller's market, and that will make things more competitive for buyers heading into the Spring and Summertime.

(Source, LVR CoreLogic data, 2022 and 2023)

As we head into the Spring 2023 market, please do not hesitate to reach out should you have any questions or concerns about the market in Greater Las Vegas. I am always happy to help and appreciate your referrals. I strive to be a strong data resource for you despite all the outside media noise and doom & gloom. It's important to have a trusted advisor when it comes to real estate, and I hope I've earned your trust. As always, it's a pleasure to send you this magazine, and I'm looking forward to a successful 2023 thanks to all of you! Remember, I strive to deliver compassionate service with impressive results - that's why you want to Close With Chels!

Take care,

Chelsea Atwell

Spring Magazine Edition is available in the Resources Tab.

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