Las Vegas Area Real Estate Market Watch was created for informational purposes only.
This is for all the buyers wondering "where is the inventory"? The inventory is here, this graph shows that buyer interest is extremely high and gobbling up all that new inventory coming online!
This is also for people saying "shadow inventory exists"! Well I believe it exists but it also exists in short sales which has tripled to quadrupled it's formerly stagnant close ratio since late spring.
These are Listing/Under Contract & Pending/Sold Trends from December 2007-March 2010.
I do expect a frenzy of pendings & closes as the tax credits for first time buyers comes to a contracted halt at the end of April. Pendings have also begun their traditional "spring" rise. Let the closings begin!
What steps do you do differently to do this kind of graph chart instead of your pie chart? I have to experment with this one next.
Projecting forward, it looks like you will soon be out of a job....the entire market will be "under contract". Then nothing will be available to sell.
I like this chart a lot. . .. very clear message to the reader at one glance.
Cheryl: I just click on the chart feature rather than the pie feature in excel ;)
Jim: Actually not really. It's been a rough year for getting buyers into contract but with the tax credit expiring we are seeing some inventory build - not all bad :)
Fernando: Thank you!
Renee - It's amazing watching the Las Vegas NV home inventory disappear.
Those UC's are scaring me here. Can't you get those "shorclosures" to the table, Renee? Just DO IT!
Renee,
The Under Contract bars keep getting longer while the Sold bars sort of stay the same. Escrow fall-outs I guess.