Changes Galore In Local Real Estate

Last month’s trends continue, and there is plenty of news that affects homebuyers and sellers. The winter months are traditionally a bit slower than average in Clark County, and interest rates continue to dampen enthusiasm in the market. First, the stats.

New listings, and closings, are both down. Days on market are up. The only thing that remains unchanged is median sales price. These specifics are courtesy of the Clark County Association of Realtors, based on information through the end of October:

New listings (601) decreased 5.5% from the 636 listed in October 2022, and decreased 4.8% from the 631 listed in September 2023.

Closed sales (445) decreased 17% from the 536 closings in October 2022, and decreased 6.5% from the 476 closings in September 2023.

The average number of days a new listing takes to be sold increased to 41 days.

Comparing the first ten months of 2023 to the same period in 2022, new listings (6,890) decreased 24.5%, pending sales (5,238) decreased 23.4%, and closed sales (5,025) decreased 29%.

If you’re a seller, the good news is that the median sale price has remained steady at $525,000.

What news am I talking about? Realtor compensation. The basic structure of Realtor commissions has been unchanged for many years: the Seller’s Realtor, when signing a contract to list the home for sale, has routinely agreed to share a percentage of the total commission with the Buyer’s Realtor. Lawsuits alleged that this structure was unfair to Sellers and, as a result, changes are happening right now. Sellers may decline to pay the Buyer’s Realtor, forcing the Buyer to pay their own Realtor or be unrepresented in their purchase.

The commission change may be the biggest structural change to real estate in decades. It’s too complicated and unsettled to explain in this space. As a result, you’ll want to deal with a professional Realtor who can explain both the current market and what the commission change means to you personally.

The title company’s role in the transaction remains the same: make sure that everything is correct in transferring title from seller to buyer – correct in both documentation and handling the funds. That’s the secret to our success for over 40 years: our experienced title and escrow professionals that can be trusted to get it right. Make sure you let your Realtor know you want to use Clark County Title.

Your friends at Clark County Title,
Scott