**ACTIVE Las Vegas Real Estate Inventory Rises for the Third Straight Month!**
Active Las Vegas Residental Resale MLS Inventory has risen for the third straight month. This is mainly due to first time buyers exhausting the market due to their tax credit expiring - this is not due to the shadow inventory fairy bringing us more inventory!
Read more about Las Vegas Real Estate Inventory Analysis here and consumers may comment on this post.
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-July 2010.
Contracted closings are stalled because of the large amount of short sales that are contracted. Inventory rise is directly related to the tax credit expiring.
Great presentation!
Renee - I must admit I'll a little surprised that home inventory is going up in Las Vegas NV.
This is a wonderful graph, love the bright colors and it's very easy to read. Our inventory here doesn't seem to be rising much, but it's not decreasing much either. Great information for anyone looking for property in Vegas.
Renee
With all the increase in listings and how properties are a huge commodity in Las Vegas seems to me that you will be reaping all the wonderful benefits for someone that had to ride the storm out for so long and won. I am hoping you have your best year ever coming up soon charming friend
Joshua: Thanks!
Michelle: I am not since the tax credit expired :-/
Erika: Thanks!
Tom: That is sweet and I appreciate that!
Renee,
The red "under contract" bar is getting shorter. Hopefully it'll start growing again to get more closings.
Esko: I think those days are a little over for now!