Las Vegas Real Estate Inventory is still increasing RAPIDLY. It is rising so quick that I am bumping up my predictions that we will emerge from a seller market to a stable market in October (original prediction was November/December.) 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.) 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 (8/15/2010): 13902
- Under Contract (8/15/2010): 13073
- Sold July 2010: 3611
Short Sales:
- 43% of Listings
- 32% of Sales
REO (Foreclosures, Bank Owned:)
- 20% of Listings
- 44% of Sales
In One Month: Listings are UP +2186 units, Contracted Listings DOWN -1555, Sales are DOWN -515 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.
View More FAQ About My Las Vegas Area Real Estate Market Reports.
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