Here are your Las Vegas numbers for this week.
SFRs, condos and townhomes on the market (only EA or ER) - 27,650
Number contingent or pending - 2206 Number vacant - 13221
Number sold in last 30 days - 1173
Number of REOs - 1896 (estimated) Number of short sales - 3896
And what do these numbers tell us? Well, we have a 47.8% vacancy rate, but if you factor in the C & P vacancy rate, we get a total vacancy rate of 49.6%. Wow! 1603 of the 2206 Cs and Ps are vacant. So, 72.6% of homes in contract that are vacant. Now if you look at my past blogs (remember they are just snapshot numbers), we went from 13,507 vacant to 13,445, to 13,221. Hmmmm, I've found a new trend to watch... Anyway, our vacancy rate has stayed pretty stable, but our number of homes on the market and number vacant have decreased slightly. In my eyes, this reinforces my view of what the market is going to do in the future. We are going into a lull where people are going to hold off putting their homes on the market through the holidays and we may absorb some of our inventory. Spring will come around quick and we'll see more people anxious to "get out of the market before it gets any worse". And unfortunately, I think we'll see those people that were just hanging in there by the skin of their teeth, let go after the holidays and our foreclosures and short sales numbers will creep up again slightly. I hate to bring negativity, but that's what I see coming. I hope I'm wrong...
No matter what the furure brings, there's business out there for all of us who are willing to work.
Remember my favorite quote from Jim Rohn - "Unless you labor, the miracle of the seed is unavailable to you...so labor well"