Inventory on the Rise in the Las Vegas Valley & That's a Good Thing?

By
Services for Real Estate Pros with Savvy Home Pix B.1000860.LLC

How would it be a good thing?  Well we have been a seller's market with barely any sellable inventory for over a year now.

Inventory is marching upwards to 100 units a week with the expiration of the tax credit.  We are currently sitting at 9,584 units of condo/single family and townhome active listings.

If we take our average closes over the last year that = 3,892 units/month.  Six months is considered a stable market so we need about 23,000 units to go from a seller's market to a stable market.

If this pace continues, we should see a stable market in about 2.5 years or 134 weeks.

Luckily the seller's market here in Las Vegas has given us some small year over year appreciation and we will take that over depreciation any day!

The crazy thing about Las Vegas Real Estate Market Trends is that it changes and quickly.  I will definitely notify my kind readers if I am seeing quick changes :)

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Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

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Rainmaker
1,888,022
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Renee

I always look forward to your posts; I find it fascinating what is going on and the change in the Las Vegas market

May 18, 2010 01:04 PM #1
Rainmaker
323,706
Michelle Minch
Moving Mountains Design Home Staging, Pasadena, CA - Los Angeles, CA
Home Staging Los Angeles and Pasadena, CA

Renee: Any stability is a good thing, regardless of where you are.

May 18, 2010 01:20 PM #2
Rainmaker
1,331,888
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Renee - This is incredible information about the Las Vegas NV real estate market and I bet so many people think Vegas is a strong buyer's market.

May 18, 2010 02:40 PM #3
Rainmaker
506,826
Cal Yoder
Keller Williams Elite - Lititz, PA
Homes For Sale in Lancaster PA - 717.413.0744

This looks like really great news. As we have discussed before, stabilization is a great thing especially in this market.

Cal

May 18, 2010 03:46 PM #4
Rainmaker
1,317,376
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

We have a shortage of inventory here in NH.  It is very strange.  One appraiser said they hadn't seen a market like this one.  Keep us posted on the LV marke.t

May 18, 2010 04:49 PM #5
Rainmaker
446,828
LLoyd Nichols
Premier Florida Realty of SWFL - Fort Myers, FL
SW Florida Homes

Renee: yes! some appreciation from year to year is a great accomplishment these days! I enjoyed this post a lot.

May 18, 2010 04:54 PM #6
Rainmaker
596,893
Jim Hale
ACTIONAGENTS.NET - Eugene, OR
Eugene Oregon's Best Home Search Website

It is indeed time to watch the data like a hawk....er...professional.

May 18, 2010 06:02 PM #7
Rainmaker
232,923
Vic Steele
Vic Steele, Broker CA BRE 01349863 - Anaheim Hills, CA
Broker/Consultant

I think this is a nationwide trend.  It seems that about 2/3 of buyers are climbing back up on the fence to see what happens.  It's our job to offer them a hand back down because that is where the grass is green!

May 18, 2010 11:15 PM #8
Rainmaker
631,147
Don Rogers
Keller Williams Realty Chesterfield - O'Fallon, MO
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

Good morning Renee,

It is good to read that things are looking up in the las Vegas marketplace.

May 18, 2010 11:57 PM #9
Ambassador
1,506,862
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Tom:  I believe our market is changing again!  Reminds me of the weather in Nebraska, LOL!

Michelle Minch:  Amen to that!

Michelle Gibson:  I can't believe how many people do not know we are a strong seller's market...still!!

Cal:  Yes sir!

Joan:  It is strange but I just keep rolling with the punches!  Best of luck to your buyers!

Llloyd:  So nice to see you in the rain!

Jim:  LOL!

Vic:  I think the tax credits and lower prices/interest rates have spurred many to jump off the fence.  Many have simply given up in our area because they can't find anything!

Don:  Thanks!

May 19, 2010 02:09 AM #10
Rainmaker
325,771
Esko Kiuru
Bethesda, MD

Renee,

Appreciation. That's soothing music to my ears. We haven't been able to use that word in Vegas for quite some time. Many homeowners probably forgot what it even means.

May 19, 2010 03:29 PM #11
Rainmaker
1,430,087
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

Nice to hear your market is so strong.  I wouldn't have guessed that.  Have a great weekend selling homes.

May 21, 2010 01:00 PM #12
Rainmaker
1,078,823
Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

Renee, this certainly runs counter to what you hear on the news and read about Nevada being one of the top foreclosure states. We are in a Buyer's market here although our inventory is down from last year.

May 21, 2010 05:39 PM #13
Ambassador
1,506,862
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Esko:  We have seen slight amounts of appreciation on these reports here and there but we didn't see it all align until this month :)  It's a beautiful thing, hope it just keeps continuing!

Georgina:  Thanks!

Frank & Sharon:  We are still seeing those REOs come to the market, they are just being absorbed quickly!  Thanks for stopping by!

May 22, 2010 05:45 AM #14
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