Las Vegas Resale Home Inventory Drops for 13th Consecutive Month (Jan 2012)
Wow a sellers market in Las Vegas!!! While the prices have DROPPED in the las Vegas area, it appears that most price points have less than 5 months supply on the market!
My first natural knee jerk reaction would be that AB 284 is the root cause of this. AB 284 is having an effect on our residential home inventory HOWEVER it was not implemented until October 1, 2011 - we were already 9-10 months in to sharp declines.
Las Vegas short sale inventory has also declined so much that it is now a seller's market. Short sales are not hurt by AB 284.
My Las Vegas trustee sale sources told me December was an unusually slow month (as it always is due to holiday moratoriums) and that January is picking up.
Pretty much every sector is a "seller's market" with 5 months of inventory or less. The Las Vegas condominium high rise sector may be the only exception at a stable to buyer's market.
Las Vegas REO home inventory was an EXTREME seller's market hovering around only 1 month of inventory. Sales throughout the valley were very high for December 2011 at 4098 units sold. This makes December the third highest month in 2011 for units sold.
I guess I attribute our inventory shortage more to EXTREME high buyer interest than AB 284 and moratoriums (which have been happening every holiday season since 2008.)
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