Inventory is increasing RAPIDLY. This may be due to the first time buyer's tax credit expiring. This is also good news as we could emerge from the extreme seller's market that we have been in for over a year to a stable market in about 8 months (with a consistent increases like the ones we have seen this month.)
Las Vegas Area Market Activity (Includes North Las Vegas, Henderson and Las Vegas)
- Listings (6/15/2010): 10548
- Under Contract (6/15/2010): 15748
- Sold May 2010: 3513
Short Sales:
- 43% of Listings
- 29% of Sales
REO (Foreclosures, Bank Owned:)
- 20% of Listings
- 42% of Sales
In One Month: Listings are UP +994 units, Contracted ListingsDOWN -553, Sales are DOWN -85 units. Close ratios are going lower because much of the pending inventory is short sales which requires LONGER close times.
DOWN PAYMENT ASSISTANCE HAS NOT ENDED FOR FIRST TIME BUYERS, HOWEVER!!
The Most Current REO (Foreclosure) Report
Great Blog Renee. Wouldn't it be lovely to be able to get our cleints properties without having to write 10 offers!!!!
Renee....
Wow, interesting statistics. Wouldn't it be great if we had a crystal ball and could predict the future?
Have another great day
Leander
ps....thanks for the re-blog
Renee, I think when the listing count goes down and the pending goes up, as it is, it shows that a big price correction happened and maybe people paniced. We may have to meet up by the way when me and my family come down in a few months to Vegas..
Renee - Another excellent market report for Las Vegas NV resale real estate.
Renee
I am always amazed at your blog posts; you are like a walking encyclopedia of info
Renee,
Stable market would be music to many ears in the Vegas valley. Hopefully the rising inventory won't affect prices too much.