Las Vegas Real Estate Inventory is still increasing RAPIDLY. It is rising so quick and I predict that we will emerge from a seller's market to stable market territory in the next month to three months. This is more than likely due to the first time buyer's tax credit expiring. This will afford more opportunities for buyers to have less competition when placing offers in homes.
Las Vegas Area Market Activity (Includes North Las Vegas, Henderson and Las Vegas)
- Listings (9/15/2010): 14087
- Under Contract (9/15/2010): 13547
- Sold August 2010: 3518
Short Sales:
- 49% of Listings
- 31% of Sales
REO (Foreclosures, Bank Owned:)
- 20% of Listings
- 45% of Sales
In One Month: Listings are UP +185 units, Contracted Listings UP +474, Sales are DOWN -93 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!!
For Most Current Las Vegas Real Estate Inventory Market Report Click Here.
What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports?
General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-605 (the average consumer probably asks, what’s that?) It means that I cover the cities of Las Vegas, Henderson, North Las Vegas including unincorporated Clark County Townships of Whitney, Paradise, Winchester, Enterprise, Sunrise Manor & Spring Valley. They do NOT cover the areas of Boulder City, Pahrump, Laughlin, Moapa or Mesquite.
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You have only seven months of inventory?
Have price stabilized?
That would be my concern also Renee. Can your pricing remain intact without too much of a hit while this is occurring?
Renee,
A stable market would be great. Short Sales that are time intensive, kind of through the stats off. Let's hope buyers start keep up that inventory.
Renee, FYI, I am finally getting close to reach that mile stone 100,000. I took a break for a few months but back in action and thing I should make that by tomorrow. Have a great evening.
Hey Renee
I see those pendings are rising like crazy. You are the real estate agent to see in Las Vegas.
Wow! What a ton of pending properties! Looks like your market is stabalizing :)
Renee,
Short sales and REOs together make up a whopping 76% of total sales. These numbers need to come down.
Jim: Four months of inventory and prices have been stable for 18 months but some areas have begun to decline due to rising inventory. Seatbelts on!
Everyone else: Thanks for comments!