Here are your Las Vegas numbers for this week. There seem to be a little disagreement on the way I calculate our months of inventory versus they way others do. But, regardless of how you calculate it, the window is open! IT'S TIME TO BUY, BUY, BUY, IN VEGAS AGAIN!!! Prices are almost back to "pre-boom" numbers! I received an email from a new home sales associate that I know. They are selling a 1612sf home for $185,000.00!!! It almost sounds crazy, but I think the buying window will be open for the nex 12-16 months. After that, there will still be good deals, but buyers will be behind the power curve again. Just my speculation.
Lowell Caro, Jr. Your Real Estate Market Advisor | |||||
Weekly MLS Market Snapshot | |||||
As of COB: Friday, November 9, 2007 @ 9:00 p.m. | |||||
Category | Number | Totals | Vacant | Percentages | |
SFR Inventory | 21,978 | 10,140 | 46.14% | ||
Condo Townhome Inventory | 5,666 | 3,152 | 55.63% | ||
Total | 27,644 | 13,292 | 48.08% | ||
Total Contingents and Pending | 2,276 | 1,655 | 72.72% | ||
Total | 29,920 | 14,947 | 49.96% | ||
Short Sales (EA/ER) | 3,998 | 1,668 | 41.72% | ||
Repos (estimated EA/ER) | 1,969 | 1,889 | N/A | ||
Total Distressed | 5,967 | 21.59% | |||
Total Sold in last 30 Days | 1,208 | 809 | 66.97% | ||
Sold short sales | 70 | (46) | 5.79% | ||
Sold REOs | 188 | 15.56% | |||
Months of inventory at current rate of consumption (29,920 / 1208) | 24.7682119 |
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