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 (7/15/2010): 11716
- Under Contract (7/15/2010): 14628
- Sold June 2010: 4126
Short Sales:
- 45% of Listings
- 34% of Sales
REO (Foreclosures, Bank Owned:)
- 21% of Listings
- 40% of Sales
In One Month: Listings are UP +1168 units, Contracted Listings DOWN -1120, Sales are UP +613 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!!
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Renee You prepare the most comprehensive and easily undestood market reports - the people in your market area are fortunate to have you
Renee,
Thanks for commenting on my "dog" post this morning. As a service to your husband, I just wanted to get back and let you know that what you suspect about him is exactly right.
Renee
Ingteresting to read this after our discussion last night at the bar abouit the market in your area.
It was SO cool to meet you F2F (and Mike too, as well). Lots of fun. Hopefully it won't be too long before we meet again in person, hopefully San Diego.
Jeff
We are seeing inventory creeping up in our area a little too...
Let's watch carefully and hope for a reversal
your friend in Charlottesville Virginia
Karen: Thank you for the most sincere comment, I appreciate that!
Steve: LMFAO!!
Jeff: It was very nice to meet you! I still have my sights set on San Diego! Hope you are stayng cool here!
Charles: :crossing fingers:
Renee,
As things seem to go short sales are probably soon going to swallow at least 40% of total closings.
Esko: pulled back for July since inventory is gathering steam. Probably from first time buyer tax credit expiring!