Posts from November 21st, 2023
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Matthew's "Key Points" - Nov. 2023
Greetings! As October passes and the crisp November breeze slowly swirls in, I welcome you to another edition of my monthly newsletter. It's that time of the year when we embrace the beauty of falling leaves, cozy evenings, and the spirit of gratitude. For me, it is a time of year to take a step back to reflect on the many things in my life that I was blessed with throughout the year, from the freedoms that this beautiful country has bestowed on each of us, building current and forming new relationships, helping people get from the life they have to the life that they want to have, and of course, my family, friends, clients and people that I have the opportunity to meet and serve each day. While I (mostly) start and end each day telling myself three things that I am grateful for, this time of year is the most meaningful for me to maintain perspective and clarity on what is most important in my life. As always, thank you for your unwavering support and trust. I am honored to be your trusted advisor in all your real estate endeavors and especially a friend.
Let's make this autumn a memorable one together! Stay safe and enjoy a Happy Holiday season! In this month's newsletter, I have a cornucopia of Real Estate statistics for last month, some insights into homeprice forecasts and a some helpful tips on maintaining happiness during the Holidays. Join me this month as we navigate the autumnal landscape of the housing market and share a bountiful harvest of information with you. Let's dive into the warmth of November together!
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QUOTE OF THE MONTH
"Gratitude turns what we have into enough, and more. It turns denial into acceptance, chaos into order, confusion into clarity...it makes sense of our past, brings peace for today, and creates a vision for tomorrow." - Melody Beattie
Your Las Vegas Market Update for October 2023
October 2023 has a real estate market with interesting facts and intriguing trends. Whether you're interested in single-family homes or townhomes/condos, there's something for everyone in the current landscape.
Single-Family Homes:
In the vibrant landscape of Greater Las Vegas, October 2023 witnessed the pulse of the single-family home market with 1,699 units finding new owners. While there was a modest 6.7% dip from September 2023, the market retained its vitality with a 1.5% increase compared to the same month last year. The median price landed at $449,000, revealing a subtle 0.2% sway downwards from the preceding month but hitting a resonant 2.0% uptick since October 2022. Meanwhile, the average price, at $543,055, wrote a dynamic narrative with a 1.2% dip from September 2023 and a harmonious 0.7% decline from the previous year.
Townhomes/Condos:
Turning our gaze to townhomes and condos, October 2023 saw the sale of 474 units, a moderate 14.3% decrease from September 2023 but harmonized with a 1.3% rise from October 2022. The median price hit a high note at $275,500, scoring a 2.0% increase from the previous month and resonating a powerful 3.6% surge from October 2022. In the world of averages, units sold for an average of $303,523, finishing with a notable 5.3% climb from September 2023 and a striking 9.8% rise from the previous year!
Benefits to Buyers and Sellers:
Amidst the dynamic Las Vegas real estate symphony, the availability of single-family homes took center stage with 6,226 units, orchestrating a 0.9% decrease from September 2023 and a show-stopping 38.0% plunge from October 2022. The median price of units awaiting their encore held steady at $499,000, maintaining the status quo from the previous month but rising to a resounding 5.1% from October 2022. For both buyers and sellers, this market presents a unique opportunity. Buyers can explore a variety of options with an 11.1% increase in effective months of availability, now standing at 2.5 months. Sellers, on the other hand, find their listings making a swift impact, with 67.2% of single-family homes and 66.2% of townhomes/condos finding their audience within the first 30 days of October 2023.
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You Might Find This Interesting...
Remembering The Things We Are Thankful For...
Each holiday season comes with high expectations for a cozy and festive time of year. However, for many this time of year is tinged with sadness, anxiety, or depression. Certainly, major depression or a severe anxiety disorder benefits most from professional help. But what about those who just feel lost or overwhelmed or down at this time of year? Research (and common sense) suggests that one aspect of the Thanksgiving season can actually lift the spirits, and it's built right into the holiday — being grateful.
Gratitude and Happiness:
- Being grateful is linked to greater happiness, positive emotions, and improved overall well-being.
- Research by psychologists Dr. Robert A. Emmons and Dr. Michael E. McCullough shows that focusing on gratitude can lead to increased optimism and better life satisfaction.
Physical and Mental Health:
- Gratitude is associated with improved health, with individuals practicing gratitude exercising more and making fewer visits to physicians.
- Positive psychology interventions, such as expressing gratitude, have a substantial impact on happiness scores.
Relationships and Work Motivation:
- Expressing gratitude in relationships enhances positivity and comfort, fostering a stronger connection between individuals.
- Work-related studies indicate that employees motivated by gratitude exhibit increased productivity and performance.
Cultivating Gratitude:
- Practical ways to cultivate gratitude include writing thank-you notes, keeping a gratitude journal, and counting blessings regularly.
- Expressing gratitude not only for external factors but also for personal accomplishments and positive memories.
Limitations of Gratitude Studies:
- Some studies show exceptions to the positive outcomes of gratitude, such as its impact on life satisfaction in middle-aged divorced women.
- Expressing gratitude may not always lead to personal well-being improvement in children and adolescents.
Ways to Practice Gratitude:
- Suggestions for incorporating gratitude into daily life include writing thank-you letters, mental expressions of thanks, keeping a gratitude journal, counting blessings, prayer, and mindfulness meditation.
This comprehensive exploration underscores the transformative potential of gratitude in various aspects of life, as supported by scientific research and practical applications.
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Review of Last Week |
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October saw Housing Starts increase 1.9% over September, as builders answer growing demand. Looking to the future, they also took out 1.1% more Building Permits than the month before. Purchase mortgage applications rose for the second week in a row according to the Mortgage Bankers Association, which noted, "both purchase and refinance applications increased to the highest weekly pace in five weeks." Realtor.com reports that last week both new listings and active inventory were up from a year ago. Demand remains strong, as homes spent two fewer days on the market compared to last year. |
FEDERAL RESERVE WATCH
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Forecasting Federal Reserve policy changes in coming months. Wall Street sees no rate changes through March, though many observers now see a May rate cut on the horizon. Note: In the lower chart, a 0.0% probability of change is a 100.0% probability the rate will stay the same. Current rate is 5.25%-5.50%.
Probability of change from current policy:
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*Review From Last Week & Federal Reserve Watch brought to you by Becca Green with Guild Mortgage
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