For the local real estate market the new years starts with some rare positive news. The Greater Las Vegas Association of Realtors, or GLVAR, released its December statistics and they show that the single-family house inventory in the MLS decreased to 22,005, a drop of 1,489 units from November.
Some may argue that December is traditionally slow, which it is, yet the inventory has been slowly sliding since August and that is significant. It's a four-month trend that cannot be ignored. It just might indicate that the housing sector is cautiously heading toward a working balance between supply and demand that eventually will translate into a more stable marketplace.
In other categories, the single-family inventory, although now falling, is still 23.4% higher than a year ago, so there remains work to be done. The condominium and townhouse listings grew 14% from December of 2006. Please click on the link in this paragraph to read the entire article.