ABSORPTION IS DOWN over 2.3 months in less than a month!  Current absorption is hovering between 10-11 months of inventory.  There has been a dip in average prices in the rental market.  I think the renters are turning into buyers and when we should be seeing a seasonal rise in rentals, we saw a pretty good dip in units rented!  Are the renters buying?

Here is a snapshot of valley listings:

(Nov/Dec 2007)  All SFR, Townhome, Condo Listings:

• Listings (12/9/2007):  25691
• Under Contract (12/9/2007):  2304
• Sold November:  1137
• Month's Inventory:  22.5

(Jan/Feb 2008)  All SFR, Townhome, Condo Listings:

• Listings (2/10/2008):  23665
• Under Contract (2/10/2008):  3107
• Sold January 2008:  1164
• Month's Inventory:  20.3

(Feb/Mar 2008)  All SFR, Townhome, Condo Listings:

• Listings (3/20/2008):  22,644
• Under Contract (3/20/2008):  4516
• Sold February 2008:  1318
• Month's Inventory:  17.2

(Mar/April 2008)  All SFR, Townhome, Condo Listings:

• Listings (4/16/2008):  21983
• Under Contract (4/16/2008):  5390   
• Sold March 2008:  1747
• Month's Inventory:  12.6 

(April/May 2008)  All SFR, Townhome, Condo Listings:

• Listings (5/13/2008):  21236
• Under Contract (5/13/2008):  6283
• Sold April 2008:  2063
• Month's Inventory:  10.3

In a Little Under One Month:  Listings are down 747 units, pendings are up 893 units, closings are up 316 units and absorption is down 2.3 months.  We are only seeing a 38% 30 day pending to close ratio right now.  No doubt the FHA limits rising + prices dropping has helped stimilate our market and the pent up demand!

If you are looking to buy a home in the Las Vegas, Enterprise, Paradise, Henderson Area, please call us for a free buyer's representation consultation today at:  702-966-2494.  Press option 1